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Oil prices rose by 2% amid escalating tensions in the Strait of Hormuz, following the United States' re-imposition of a naval blockade on Iran and increased attacks in the region. Brent crude reached $84.98 per barrel, while West Texas Intermediate went up to $79.79. Additionally, two Emirati tankers were damaged in missile attacks in Omani waters, highlighting risks to global energy supplies. These recent developments have also heightened concerns about the stability of oil supplies in the region.
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