Oil prices rise with diplomatic efforts yielding little progress as one firm flags $200 risk

• / Oil prices surged due to escalating tensions in the Middle East, with Iran declaring the Strait of Hormuz closed—a critical chokepoint for global oil shipments.
• / Diplomatic efforts to ease the crisis have stalled, increasing the risk of supply disruptions and pushing some analysts to warn of potential $200-per-barrel oil prices.
• / Businesses and governments face heightened uncertainty, with potential fuel shortages, inflation spikes, and economic instability if the conflict persists or expands.

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