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Oil prices surpassed $90 a barrel Friday, with American crude settling at $90.90, up 36% from a week ago.
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Gas prices are increasing rapidly as President Donald Trump's military assault on Iran continues, forcing a potential shutdown of oil production in the region.
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A weaker euro deepens the pain from higher oil prices
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Experts say reopening Strait of Hormuz remains most viable option as ideas such as influencing futures market fade
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Soaring oil prices suggest that more increases could be in store for American drivers. Diesel, jet fuel, and other refined products are also becoming much more expensive.
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Oil shot to its highest price since 2023 after surging again because of the Iran war, and a weak update on the U.S. job market knocked stocks lower to cap Wall Street's worst week since October.
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Goldman Sachs warns crude will soar past 2008 peak if action is not taken to reopen Strait of Hormuz
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A 9% jump in gasoline prices in a week could make electric vehicles look more affordable to consumers.
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