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Oil rises after renewed U.S. and Iran strike back-and-forth
The renewed hostilities heightened risks for ships trying to navigate the Strait of Hormuz.
Oil prices rose after a weekend of back-and-forth strikes involving the United States and Iran, according to The New York Times Business.
The outlet said the renewed hostilities increased risks for ships seeking to pass through the Strait of Hormuz, a key shipping chokepoint.
That risk is a central driver for crude pricing because it can disrupt or threaten energy flows through the region, the report said.
Latest closeWTI crude $71.51 ▼0.8%
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