Oil prices remain above $100 amid Iran’s control of Strait of Hormuz

Oil prices have surged above $100 per barrel as the possibility of prolonged war in the Middle East looms, causing the biggest disruption to global energy supplies in decades. The situation has led to a sharp drop in Asian stock markets and limited traffic through the Strait of Hormuz, with only a few ships passing each day. Efforts to stabilize the market, including the release of emergency oil reserves, have had minimal impact, leaving traders uncertain about the future.

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