Oil prices are influenced by geopolitical tensions, as demonstrated by the recent rise in Brent crude oil prices to $110-112 per barrel amid threats against Iran and concerns about the Strait of Hormuz closure, which creates supply uncertainty and contributes to inflation fears.
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Oil prices are on the rise | Here's whyAjouté :
And oil prices are up again today. Brent crude oil about $110 a barrel and briefly hit $112. It's the highest level in 2 weeks. The uptick comes during another round of threats against Iran.
President Donald Trump posting yesterday that the clock is ticking for the Gulf nation to reopen the Strait of Hormuz.
The ongoing closure of the Strait is also rattling investors amid inflation fears.
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