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Oil Prices Soar to Wartime High with US and Iran Stuck in Standoff

Brent oil surged to more than $126 a barrel on Thursday, before paring gains to $121.40 as traders factor in an even longer closure of the Strait of Hormuz.
The past two weeks have sent oil markets — and with them, global supply chains — into whiplash.
Brent oil surged to more than $126 a barrel on Thursday. (Pexels)

The US and Iran showed little sign of breaking their impasse and agreeing to another round of peace talks, with president Donald Trump insisting that his navy’s blockade is working.

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