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Oil surges over 25%, on track for record daily jump due to escalating Iran war
SINGAPORE: Oil prices surged more than 25 percent on Monday to their highest levels since mid-2022 as some major producers cut supplies and fears of prolonged shipping disruptions gripped the market due to the expanding US-Israeli war with Iran. Energy markets are particularly nervous because the crisis is unfolding around the Strait of Hormuz, through which roughly one-fifth of the world’s oil supply normally passes.
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huffpost.com
Oil Prices Surge 20% As Expanding U.S.-Israeli War With Iran Cuts Supplies From Mideast
Oil prices surged about 20%, hitting their highest since July 2022.
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Oil Prices Surge To Highest Since 2022 At Over $119 A Barrel On Iran War
The Strait of Hormuz, through which roughly one-fifth of the world's oil and liquefied natural gas typically passes, is virtually shut.
