Oil prices rise 7 percent as Strait of Hormuz closes
Oil prices rose over 7 percent Monday as the Strait of Hormuz closed. The move follows claims by the U.S. and Iran that the other violated a ceasefire deal.
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Oil markets witnessed a significant rebound in Singapore as prices climbed more than 7% on Monday. This recovery follows a sharp decline of over 9% on Friday, triggered by the renewed closure of the Strait of Hormuz.
