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The Economic Times

Business / The Economic Times

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Oil up more than 2% as renewed US-Iran strikes stoke supply fears

Oil prices surged as hostilities reignited between the United States and Iran. This escalation raised alarms over possible supply interruptions from the vital Middle East region. In a concerning incident, two Saudi oil supertankers were targeted by projectiles in the Strait of Hormuz. Efforts are underway to negotiate a resolution to restore access to this crucial shipping route.

1 Sep 2026 7:49 pm