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Trump’s address appears to have done nothing to reassure global oil markets that disruption to the key Strait of Hormuz shipping route will ease anytime soon.
The price of benchmark Brent crude was trading at about $100 a barrel before the president started speaking.
It fluctuated during the address but is now heading higher and is currently up by around 4% at $105.38.
The strait is crucial to the global economy as around 20% of the world’s energy usually passes through the narrow shipping lane.
It has been effectively shut since the conflict started on 28 February as Iran retaliated to US and Israeli airstrikes by threatening to attack ships using the waterway.
Source: BBC
–Agencies
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