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Commodities

Iran Blocks Vessels at Strait of Hormuz, Sending Oil Prices Soaring

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Oil prices rose on Friday after Iran said it had stopped two vessels seeking to exit the Strait of Hormuz, underscoring concerns over global energy supplies.

The Iranian reports came as a response to a drone attack on ships in a Mediterranean Egyptian port this week.

Brent crude futures were on track to rise 23% in July and economists polled by Reuters expect prices to rise further this year.

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