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Commodities

Hormuz Tensions Send Oil Prices Soaring

Guavy AI Editorial Team
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Oil
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Oil prices surged to new heights as concerns over navigation through the Strait of Hormuz intensified. Brent crude futures rose by $0.99, or 1.2%, to $83.48 a barrel at 00:10 GMT.

The increase in oil prices comes amidst growing tensions between Iran and the US, following Tehran's proposal with Oman to ban vessels from 'hostile' nations from using the strategic waterway and impose hefty fines on those that violate the restrictions.

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