Oil prices surged as US and Israeli attacks on Iran and retaliatory strikes disrupted the global energy supply chain. Traders feared a slowdown in oil supply from the Middle East, pushing prices up. Concerns were heightened as tankers were attacked in the vital Strait of Hormuz, risking a significant increase in oil prices globally. Countries boosted production to counter the impact, but markets worldwide felt the shock, with stocks falling and currency markets reacting to the crisis.
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