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Oil Jumps 17% Weekly, Tops $79 on Iran Strike
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U.S. crude oil surged above $79 per barrel after Iran claimed it struck an oil tanker with a missile. Tanker traffic through the Strait of Hormuz has largely halted as security risks escalate, raising concerns over disruptions to a critical global oil transit route.
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KEY NUMBERS
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- $79.78 WTI crude — U.S. oil benchmark jumped 6.86% (+$5.12).
- $84.91 Brent crude — Global benchmark gained 4.31% (+$3.51).
- +17% weekly surge — Oil prices have climbed sharply this week.
- ~20% of global oil supply — Portion transported through the Strait of Hormuz.
- 0 confirmed crew casualties — Explosion reported on tanker in Iraqi waters.
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WHAT IT MEANS
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The oil market is rapidly repricing geopolitical supply risk linked to the Strait of Hormuz. **With roughly 20% of global oil flows passing through the strait, any sustained disruption materially increases short-term price volatility.** The halt in tanker traffic and uncertainty over safe passage increases the probability of continued supply bottlenecks. **Prices are likely to remain sensitive to military developments and shipping security in the Gulf region.**
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