Oil prices surged amid renewed clashes between the United States and Iran in the Strait of Hormuz, a vital route for global oil supplies. Brent crude futures rose by 7.5 percent during trading, reaching a high of $103.70 before settling at $101.12 per barrel. The tensions escalated after US strikes on Iranian forces followed missile attacks on US Navy vessels, further straining the ceasefire established on April 7. The situation has led to significant disruptions in shipping in the region.
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