Oil stays near 3-week high amid tensions
Oil prices have remained elevated at their highest levels in over three weeks due to escalating tensions between Iran and the United States over the closure of the Strait of Hormuz and the transit of oil and gas pipelines. Iran has warned that it will continue the closure and has issued military threats, despite ongoing oil flows through the waterway and increased shipments from major companies. Expectations of further pressure on prices persist amid deteriorating negotiations between the two countries.
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