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Crude oil futures are at their highest levels in weeks amid the absence of a diplomatic endgame that frees up the Strait of Hormuz.
Why it matters: The soaring costs, combined with a spike in gasoline prices, mean further political pain for President Trump and Republicans.
Driving the news: The global benchmark Brent crude hovered at around $112 a barrel on Tuesday morning, a 4% hike. West Texas Intermediate topped $101 a barrel, an increase of nearly 5%.
