Oil Prices Reach Four-Week High
Oil prices have risen to their highest levels in four weeks following renewed U.S. aggression against Iran, increasing concerns over energy flows through the Strait of Hormuz. Brent crude increased to $86.19 per barrel, while West Texas Intermediate rose to $79.67, with the number of ships transiting the strait dropping to the lowest level in two months. Iran reaffirmed that its exports continue despite the cancellation of U.S. exemptions, and stated that it has mechanisms in place to ensure the continuation of its exports.
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