Oil Prices Rise as U.S. Escalates Strikes Against Iran
Oil prices continued to rise following the United States' announcement of launching new attacks against Iranian military facilities in an attempt to limit Tehran's ability to target shipping traffic in the Strait of Hormuz. Brent crude increased by 18 cents to reach $84.91, while West Texas Intermediate rose by 26 cents to $79.60, amid escalating supply disruptions in the region. These developments come amid renewed clashes between Iran and the United States, with the latter targeting Iranian military sites, and the Iranian Revolutionary Guard responding with attacks on American positions in the area.
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