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Oil Prices Spike Above $100 a Barrel Amid Escalating Iran-US Tensions

Guavy AI Editorial Team
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The global crude oil prices surged past $100 a barrel on Thursday as tensions between Iran and the US escalated after Tehran-backed Houthi rebels attacked oil tankers in the Red Sea.

The US military launched fresh strikes on Iranian military installations, with the operations aimed at holding Iran accountable for its actions and reducing threats to commercial shipping. According to Washington, Iran had intensified its attacks on vessels passing through the Strait of Hormuz, attempting to pressure them into paying for safe passage.

US President Donald Trump said that frozen Iranian assets would be used to compensate for any damage caused to commercial shipping, but Iran warned that this move would create an 'incendiary precedent'. The US military stated that the Strait of Hormuz remained open to commercial shipping despite continued Iranian attacks on tankers using the route.

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