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The military escalation between the United States and Iran continues in the Middle East, with Iran launching an attack on American military bases following previous American strikes targeting positions of the Iranian Revolutionary Guard, which resulted in 11 casualties. In response, U.S. forces carried out airstrikes against Iranian targets, including air defenses and maritime sites, while Iran announced attacks on American interests in Iraq, Jordan, and Bahrain. The escalation has led to a sharp rise in oil and gas prices, with West Texas Intermediate crude surpassing $90 per barrel. It has also increased economic pressure on Iran, which is seeking to introduce “service swaps” at the Strait of Hormuz amid ongoing U.S. sanctions on its ports.
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