Oil cargo prices surge as fears of supply shortage grip market
Address by Trump signalling possible escalation of Iran conflict raises prospect of prolonged closure of Strait of Hormuz
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Crude prices soar over potential for disruption to the narrow waterway
An Iran oil shock would put global growth on a slippery slope
Disruption to tanker traffic at the Strait of Hormuz would pose a much bigger risk to oil supply
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Oil prices expected to rise as hope fades of end to Iran war
Crude had stabilised on optimism that a deal could be reached to reopen the Strait of Hormuz