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Commodities

US Strikes on Iran Send Crude Oil Futures Soaring

Guavy AI Editorial Team
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Oil
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Crude oil futures opened higher this week after the US attacked an Iranian island in the Strait of Hormuz, sparking retaliation from Tehran and fears of conflict escalation.

The incident has raised concerns about a potential disruption to global oil supplies, particularly through the strategic Strait of Hormuz, which is a critical shipping route for crude oil exports.

US President Donald Trump had previously announced his administration's plan to negotiate American control over 65 billion barrels of proven oil reserves.

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