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The Economic Times
The Economic Times

War returns to West Asia, oil seesaws as Hormuz bleeds

Oil Hormuz Iran Donald Trump United States Bahrain Jordan (Geopolitical Entity) the Strait of Hormuz

Washington: Early on Tuesday, the US launched a third round of strikes on Iran, which retaliated by attacking US military bases in Jordan and Bahrain, even as US President Donald Trump backed down from his threat to heavily tax ships passing through the Strait of Hormuz.

The fresh attacks left an interim peace deal in tatters.

Also Read: US-Iran war: Trump drops 20% toll plan on Hormuz, seeks Gulf investment deals instead

Oil pared nearly all its session gains after Trump’s post, following an earlier surge as the conflict escalated. Brent crude topped $87 a barrel for the first time in a month before falling to around $84 at the time of going to press.

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