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Oil Prices Rise 4% to Near $80 Following New U.S. Strikes on Iran
Oil prices rose by more than 4% after Iran escalated its attacks in the Gulf, and the United States responded with strikes on Iran, threatening oil flows through the Strait of Hormuz. Brent crude increased by $3.09 to reach $79.10 per barrel, while West Texas Intermediate reached $74.32. Concerns about the stability of the Strait of Hormuz and regional disagreements continue to persist. This escalation in tensions follows a temporary agreement between Washington and Tehran, as data showed a decrease in the number of ships passing through the strait to the lowest level in five weeks, heightening doubts about the future of global oil supplies.
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