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Oil Prices Rise Following Trump's Statement on Ending Iran Nuclear Deal
American oil prices rose by about 3 percent after the U.S. military launched strikes on Iran. This was in response to attacks targeting commercial ships in the Strait of Hormuz, raising concerns over escalating security tensions and their impact on energy supplies. The price of West Texas Intermediate crude reached $72.39 per barrel, continuing its gains. The escalation of events in the market led to the cancellation of a general license enabling the sale of Iranian oil, which further pressured oil prices.
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