Oil Prices Climb 1% as Hormuz Shipping Uncertainty Persists Amid Middle East Tensions

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Oil prices edged up on Friday as uncertainty around shipping through the Strait of Hormuz kept traders cautious. The critical waterway has been disrupted by the ongoing Middle East conflict, prompting Iran and Oman to explore alternative transit arrangements. US President Donald Trump suggested a possible resolution to the conflict may be in sight. The modest price gains reversed earlier market declines, reflecting sensitivity to geopolitical developments in the region.

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