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Oil Surges As Strait Of Hormuz Tensions Shake Global Markets

Brent crude prices surged 8.5% following U.S. airstrikes on Iranian nuclear sites, sparking concerns that Iran may block the vital Strait of Hormuz. The strait is crucial for global oil transit, with approximately 25% of the world’s oil passing through it daily. Shippers like Maersk report that traffic continues for now, but security risks are rising quickly.