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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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UAE and Kuwait Start Oil Output Cuts After Hormuz Blockage Bloomberg.comKuwait cuts oil production as Strait of Hormuz closure disrupts global energy market CNBCKuwait declares force majeure, cuts crude oil output due to Middle East conflict ReutersExclusive | Kuwait Cuts Oil Production as Fallout From Iran Conflict Intensifies WSJ
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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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