A Strait of Hormuz closure due to U.S.-Iran war hit the oil market hard, but sectors reliant on shipping across economy from metals to farming are vulnerable.
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Iran war has blocked the Strait of Hormuz, a vital oil choke point. Reopening it is a big challenge
Governments are working on plans to unblock the Strait of Hormuz, a vital oil choke point. The Iran war has effectively closed the waterway and pushed up gasoline prices.
The International Energy Agency announced that it would carry out its largest-ever release of oil reserves — 400 million barrels.
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