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(Bloomberg) — Oil jumped as the US and Iran exchanged fresh strikes, with the sides offering conflicting statements on whether the Strait of Hormuz remains open to shipping.
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Brent rose above $78 a barrel after gaining 5.4% last week, while West Texas Intermediate traded near $74 and European natural gas added as much as 2.7%. Iran said the strait would now be closed “until further notice” — a statement denied by US Central Command, which said that its forces started more attacks to ensure freedom of navigation through the waterway.
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The uncertainty is reinserting a war premium into crude prices, which had erased gains after an interim peace deal between the sides offered the prospect of more supply from the Persian Gulf. The flare-up risks derailing efforts to rebuild depleted global oil inventories later this year, the International Energy Agency said on Friday — a reminder of what’s at stake for the global economy if the conflict continues.
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There was almost no traffic through the strait — which normally carries about a fifth of global crude and liquefied natural gas supply — on Sunday, with only two oil products tankers seen approaching the chokepoint. Even so, the Joint Maritime Information Center said the southern shipping lane coordinated by Oman remains available.
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The latest escalation also dimmed prospects for diplomacy. Iran’s Parliament Speaker and top negotiator Mohammad Bagher Ghalibaf declared the “era of one-sided deals is OVER,” while Tehran insisted Washington must first honor prior commitments on Hormuz transits and the normalization of its oil exports before talks can resume. US President Donald Trump, meanwhile, declared the ceasefire “OVER” but said the US remained willing to continue negotiations.
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(A previous version of this story corrected prices in the second paragraph)
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