Shutdown of Hormuz Strait raises fears of soaring oil prices

The United States and Israel’s war with Iran has spilled over into the Strait of Hormuz, one of the world’s most critical energy chokepoints, prompting a surge in oil prices.

Shipping through the strait, which carries one-fifth of the oil consumed globally as well as large quantities of gas, has ground to a near halt amid Iranian attacks on oil tankers in the region.

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