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The price of oil surged more than 6% on Wednesday after President Donald Trump said that the ceasefire deal with Iran was "over" after the two countries trades strikes following attacks on three oil tankers near 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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U.S. and Iranian officials have been negotiating about maritime traffic in the Strait of Hormuz, a key waterway through which 20% of the world's oil passed before the war.
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