Oil prices surged over 6 percent due to concerns about ongoing supply disruptions in the Strait of Hormuz and a potential prolonged US siege of Iranian ports, with US crude reaching $106.88 per barrel and Brent crude at $118.03. The situation worsened as the US military conflict with Iran has already cost $25 billion, leading to fears of extended supply issues. President Trump discussed strategies with oil executives to lessen the impact on markets, while the UAE announced its withdrawal from OPEC, a move analysts believe won’t significantly affect oil prices in the short term.
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