Oil markets experienced significant gains exceeding 2% following geopolitical developments in the Middle East. The announcement of potential shipping tariffs in the Strait of Hormuz has intensified concerns about crude supply disruptions. This strategic waterway, through which approximately one-third of global maritime oil trade passes, remains vulnerable to escalating regional tensions. Market analysts attribute the price surge to investor apprehension regarding future energy availability and potential supply chain interruptions in this critical transportation corridor.

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