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Oil rises sharply after U.S.-Iran strikes resume

The renewed U.S.-Iran strikes followed an attack by Iran on U.S. forces using ballistic missiles, driving the jump in prices.

Reported · Written up by our desk · Energy

Oil prices surged after tensions between the United States and Iran escalated again, according to CNBC Markets.

The latest move followed an initial pause, as Iran launched an attack on U.S. forces using ballistic missiles, setting off renewed strikes.

CNBC World said the resumption of the strikes sparked the sharp increase in oil as investors reacted to the risk to Middle East supply routes.

The reports linked the higher prices directly to the renewed conflict and the associated market uncertainty.

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