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Oil Prices Rise 5% After Trump Announces Reimposed Sanctions on Iran
Oil prices jumped more than 5% after U.S. President Donald Trump announced the reimposition of a naval blockade on Iran, amid escalating tensions in the Gulf region and the Strait of Hormuz. Brent prices rose to around $80 per barrel, and West Texas Intermediate reached $75.08, with maritime traffic remaining open to ships despite the ongoing military escalation in the area.
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