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The Economic Times

Markets / The Economic Times

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Oil gains over 2% to $102.69 a barrel as market weighs Iran war supply risks

Oil prices surged over 2% as the Strait of Hormuz faces significant disruption due to the ongoing U.S.-Israeli war on Iran. Allies have rebuffed calls to escort tankers, raising supply shortage concerns. The UAE has already reduced production, and some banks have revised longer-term price forecasts upwards.

17 Mar 2026 6:42 am