Crude Oil Crosses $85 a Barrel Amid US-Iran Tensions and Strait of Hormuz Blockade

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Oil prices climbed above $85 per barrel on Wednesday as the United States reinstated a naval blockade on Iran in the Strait of Hormuz. The move came amid escalating hostilities between Washington and Tehran, fuelling concerns over global crude supply disruptions. The United Arab Emirates reported that Iranian cruise missiles had struck oil tankers in the region. US forces also carried out continued strikes against Iranian military targets. The combination of supply fears and active conflict drove the sharp rise in crude prices.

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