Oil prices surge after US and Israeli attacks on Iran

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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