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Oil resumes rally as U.S.-Iran fire exchange rattles fragile Hormuz ceasefire
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- International benchmark Brent crude futures for July delivery rose 2.26% to $102.32 per barrel.
- Washington and Tehran accused each other of initiating attacks in the Strait of Hormuz, further straining a ceasefire agreement already weakened by repeated allegations of violations.
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Oil resumed its rally Friday after the U.S. and Iran exchanged fire in the Strait of Hormuz, fanning fears that the fragile ceasefire between the two countries was unraveling and threatening continued disruption to shipping via one of the world's most critical oil route.
International benchmark Brent crude futures for July delivery rose 2.26% to $102.32 per barrel. U.S. West Texas Intermediate futures for June delivery added 2.06% $96.76.
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