Brent crude oil rose more than 4% to $78.68 a barrel, while West Texas Intermediate climbed to $73.89, after U.S. strikes on Iran and renewed threats to shipping through the Strait of Hormuz. The gains reflect concerns that escalating tensions could disrupt global oil supplies through one of the world’s busiest energy trade routes. Markets will closely monitor developments in the region and any impact on oil exports and shipping.
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