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As with consumer prices, the index benefited from easing energy costs, particularly as oil fell due to the brief pause in tensions between the U.S. and Iran.
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The first blockade in April choked off Iranian exports without causing a lasting price surge. Now global oil reserves are lower, and ships face heightened risks.
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The United States reinstated its blockade on Iranian ports in the Strait of Hormuz and shipping slowed to a crawl amid the renewed warfare in the critical waterway.
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Global oil prices Tuesday were on track to notch their largest two-day rise since mid-March, buoyed by further escalation in the U.S.-Iran conflict.
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