Oil prices jump 6% as Iran sets UAE oil port ablaze, strikes vessels in Hormuz
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NEW YORK — Oil prices jumped about 6 percent on Monday as Iran stepped up attacks on the United Arab Emirates and ships in the Middle East Gulf over the past 24 hours, the most serious escalation since a U.S.-Iran ceasefire came into force in early April. Brent futures rose $6.79, or 6.3 percent, to $114.96 per barrel at 12:54 p.m. EDT (1654 GMT), while U.S. West Texas Intermediate (WTI) crude rose $4.23, or 4.2 percent, to $106.17. A South Korean ship was hit by an explosion in the Strait of Ho
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