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Our business reporter Peter Eavis looks at the global implications of the Strait of Hormuz, the narrow waterway to the south of Iran. He analyzes ship activity in the strait, comparing it before and after the United States and Israel initiated attacks on Iran.
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U.S. crude oil prices soared 12% on Friday.
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The oil market is worried that Gulf countries will have to shut production if tankers are unable to pass through the Strait of Hormuz.
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Oil prices continued soaring Friday, putting them on track to record their biggest jump since early 2020 as the escalating Iran war threatens global energy supplies.U.S.
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Energy Minister Saad al-Kaabi says oil could hit $150 a barrel if the Iran conflict continues over the coming weeks.
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