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Oil prices surge after Trump vows to escalate Iran strikes, allies discuss Strait of Hormuz

financeApr 2, 202623353

President Trump vowed to escalate strikes on Iran, saying he will hit Iran extremely hard over the next two to three weeks. Global oil prices jumped sharply as markets reacted to the threat. Allied governments are meeting to discuss securing the Strait of Hormuz and protecting maritime traffic. The developments raise the risk of a wider Gulf conflict and major disruptions to oil supply and global markets.

Key Highlights

Trump vowed to hit Iran extremely hard over the next two to three weeks
Global oil prices surged immediately in response to the escalation threat
Allies are meeting to discuss securing the Strait of Hormuz and shipping
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