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Oil Prices Jump 3% After US Strikes on Iran Amid Strait of Hormuz Tensions

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Global oil prices surged sharply following US military strikes targeting Iran in the Middle East. The strikes came in response to attacks on commercial vessels passing through the Strait of Hormuz, a critical oil transit corridor. Qatar attributed the tanker attacks to Iran, with both a liquefied natural gas carrier and an oil supertanker reportedly struck. Maritime security authorities have flagged severe risks to shipping traffic navigating the Strait. The escalating hostilities have renewed concerns over potential disruptions to one of the world's most vital oil supply routes.

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