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Oil rises amid Strait of Hormuz uncertainty
The article focuses on the rise in oil prices due to ambiguity surrounding navigation in the Strait of Hormuz, one of the world's most vital energy trade routes. Conflicting statements between the United States and Iran regarding the opening of the passage have led to a decline in vessel traffic, with many avoiding crossing it amidst ongoing tensions between the two sides. At the same time, Iraq has announced new measures to export oil through alternative routes in an effort to reduce reliance on the strait. Meanwhile, markets anticipate a decline of about 600,000 barrels in U.S. oil stocks, which supports a rise in prices to their highest levels in over three weeks.
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