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Oil hits wartime high, tops $125 amid Iran escalation

financeApr 30, 202622112

Brent crude climbed to about $125 a barrel, the highest level since 2022, after reports that the U.S. is weighing new military options against Iran. Disruptions in the Strait of Hormuz, including a U.S. blockade and Iranian mines and drones halting shipping, have cut tanker throughput and tightened global oil supply. The surge is raising gasoline and food costs, triggering fuel shortages in some wealthy countries and threatening basic food and medical supplies in countries such as India.

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