Rubio rejects sanctions relief for Iran
The United Nations reported that closing the Strait of Hormuz has impacted the lives of around one billion people in fragile economies, as about 20 million barrels of oil pass through it daily. This has led to increased shipping costs, higher oil prices, and rising inflation. The report explained that 65 out of 75 economies depend on importing oil, and disruptions in the strait have imposed a heavy burden on these economies, amid escalating tensions resulting from the war between the United States and Israel on one side and Iran on the other.
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