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Global Business News

The Economic Times

Global Business / The Economic Times

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Oil extends gains after US and Iran strike ships

Oil prices experienced a significant rise on Monday, following a spike in tensions between the US and Iran. The US struck three Iranian oil tankers in a bold move, while Iran responded by targeting US vessels. Maritime intelligence highlighted an alarming escalation with economic repercussions, as shipments through the Strait of Hormuz reached their lowest levels since May.

7 Sep 2026 7:37 am