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Hormuz Strait Crisis Sends Oil Prices Soaring Amid US-Iran Standoff

Guavy AI Editorial Team
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Oil
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The US-Iran standoff has significantly reduced shipping through the Strait of Hormuz to a fraction of its pre-war levels, pushing up oil prices.

Iranian Deputy Foreign Minister Kazem Gharibabadi said Tehran alone would decide when the strait was opened or closed and rejected US assertions that Washington controlled the passage.

US President Donald Trump urged Americans to accept higher petrol prices while the conflict continues, arguing that the cost was justified by Washington’s objective of preventing Iran from acquiring a nuclear weapon.

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