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Commodities

US-Iran Tensions Spark Oil Price Surge

Guavy AI Editorial Team
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Oil
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Crude oil prices surged to near $90 per barrel on Monday as tensions between the US and Iran escalated, following a series of military strikes in the region.

The conflict intensified over the weekend when the US targeted three Iranian oil tankers in retaliation for ballistic missile attacks against US Navy warships. Tehran responded by declaring a new restricted zone beyond the Strait of Hormuz, which includes the US Navy's blockade line.

US Energy Secretary Chris Wright confirmed that the American military will maintain its naval footprint in the region to enforce the blockade and secure safe passage for commercial shipping through the Strait.

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