Oil Prices Rise Over 3% as Brent Crude Approaches $112 Per Barrel
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Oil prices surged more than three percent, with Brent crude oil approaching the $112 per barrel mark amid market concerns over deteriorating conditions in the Strait of Hormuz. The Strait of Hormuz is a critical shipping lane between the Persian Gulf and the Gulf of Oman, through which approximately one-fifth of global oil supplies pass daily. Any disruption to this waterway typically triggers immediate concerns about global energy security and supply chains, leading to price volatility in international oil markets.