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Oil Surge Amid Rising Tensions | US News
Description
Gulf oil powers Saudi Arabia, Iran, and Iraq hit export highs in early July—13 million barrels a day—calming price fears after the U.S.-Iran deal reopened Hormuz. But tanker traffic through the Strait is already dropping, forcing possible production cuts. Meanwhile, Iran warns Houthis to disrupt Red Sea routes if U.S. targets Iranian energy assets—threatening key ports like Yanbu. Big exports, big risks: calm now, volatility looms.
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