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oil prices

Oil Prices Slip After One-Week Peak as U.S.-Iran Conflict Keeps Markets on Edge

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U.S.-Iran Conflict Oil Prices: Brent Slips to $105

The Strait of Hormuz, located between the Persian Gulf and the Gulf of Oman, is the world’s most important oil chokepoint. Since the U.S.-Iran conflict escalated, shipping traffic has declined sharply, contributing to elevated crude oil prices and higher gasoline costs for American consumers.