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WTI Crude Surges to $108/Barrel, Up 15% This Week as Strait of Hormuz Closure Tightens Supply

GateNews
Commodities

On Thursday, WTI crude oil futures surged above $108 per barrel, gaining nearly 15% this week as ongoing Middle East tensions have effectively closed the Strait of Hormuz, disrupting global energy flows. President Trump stated the U.S. will maintain a naval blockade on Iran until a nuclear agreement is reached, while discussing measures to extend the blockade with minimal impact on domestic consumers. Iran’s authorities warned they will retaliate if the blockade persists, accusing Trump of attempting to coerce Tehran through economic pressure.

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