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Commodities

Oil Prices Surge as Iran Considers Strait of Hormuz Ban

Guavy AI Editorial Team
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Oil
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Oil prices surged over $3 per barrel on August 6 as Iran reviews a bill to ban US and Israeli vessels from the Strait of Hormuz.

The proposed restrictions would also fine violators up to 20% of their cargo value, according to Fars news agency.

Brent crude futures settled at $82.49 a barrel, while US West Texas Intermediate futures settled at $77.29.

Dennis Kissler, senior vice-president of trading at BOK Financial, said 'crude traders remain focused on the US/Iran agreements, and the longer the delays, the more prices will fade back to the upside.'

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