Oil Prices Surge Amid Hormuz Strait Disruption
Oil prices hit a four-year high this week due to the Iran war effectively blocking the Strait of Hormuz, which carries 20% of global crude. Despite a slight pullback, Brent and WTI both posted sharp weekly gains as supply tightens. Iran announced plans for new management of the strait, while the UAE's exit from OPEC adds to market uncertainty. Analysts warn of continued volatility as tensions between the US and Iran remain high.
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