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Sharjah24
Oil reaches one-month high amid escalating Strait of Hormuz tensions
Oil prices rose by about 3% to reach a one-month high, amid escalating tensions in the Strait of Hormuz due to the United States re-imposing its naval blockade on Iran and repeated attacks in the region. This has increased uncertainty around energy flows. Brent crude oil prices climbed to $85.20 per barrel, while West Texas Intermediate rose to $80.05, marking the largest daily gain since May 2020.
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