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The longer the disruption to Middle East fuel supplies lasts, the risk grows that higher energy costs will feed into broader inflation that could dent economic growth.
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Iran warned President Trump's naval blockade was "doomed to fail" as oil prices soared to their highest point in years with the standoff over the Strait of Hormuz wreaking havoc on the global economy.
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European stocks edged higher on Thursday, reversing morning losses, as investors assessed more earnings and central bank moves.
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Consumers faced escalating prices in March as the Iran war sent oil soaring and created a new level of challenges for the Fed.
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