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Oil prices are likely to remain volatile as long as the United States and Iran are unable to resolve the status of the Strait of Hormuz.
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Kuwait accused Iran of fresh attacks after U.S. strikes hit Iranian targets, raising fears over the Strait of Hormuz and oil prices.
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A wave of U.S. attacks were followed by Iranian strikes, halting ship traffic in the Strait of Hormuz again. Oil prices rose sharply.
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;Resize=(620)) The price for a barrel of Brent crude oil, the international standard, rose to about $79 US on Wednesday following the resumption of strikes in the Middle East. Major U.S. indexes also followed global markets on a downward trajectory.
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