Oil prices climb amid US-Iran tensions
Oil prices experienced a slight increase amid escalating hostilities between the United States and Iran. Brent crude rose by 0.9% to $72.20 per barrel, while West Texas Intermediate (WTI) increased by 1.3% to $70.09. This follows last week's decline in prices, which was caused by the cessation of oil flow through the Strait of Hormuz due to the escalation. However, oil tanker traffic has increased after an agreement was signed in June to reopen the strait without tolls, despite ongoing tensions and infrastructure damage.
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