Oil prices climb to $88
Oil prices increased by more than 2%, with Brent reaching $88.2 and West Texas Intermediate reaching $88.24, due to escalating tensions between the United States and Iran in the Middle East. This has sparked concerns over potential disruptions to oil supplies. The rise follows American threats of additional strikes on Iran and a slowdown in commercial vessel crossings through the Strait of Hormuz, heightening fears of disruptions to global oil supplies.
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