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Traders wary that traffic through the Strait of Hormuz is still restricted.
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Investors were in a more sober mood after sharp moves on the previous day.
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Oil Rises After Biggest Drop Since 2020 as Hormuz Stays Blocked Bloomberg.comOil is plunging, but don't expect $3 gas anytime soon. Here's why CNNRepublicans cautious on energy prices despite ceasefire PoliticoThe third Gulf war will scar energy markets for a long time yet The Economist
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US Futures Waver as Iran Says Ceasefire Violated: Markets Wrap Bloomberg.comTraders place large $950 million bet on oil price falling hours ahead of ceasefire ReutersDow Set to Open Down Amid Fragile Iran Cease-Fire Barron'sThe third Gulf war will scar energy markets for a long time yet The EconomistOil is plunging, but don't expect $3 gas anytime soon. Here's why CNN
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Oil prices rise as investors eye fragile US-Iran ceasefire BBCOil is plunging, but don't expect $3 gas anytime soon. Here's why CNNUS Futures Waver as Iran Says Ceasefire Violated: Markets Wrap BloombergThe third Gulf war will scar energy markets for a long time yet The EconomistOil Rebounds, Asian Equities Fall Amid Fragile U.S.-Iran Cease-Fire WSJ
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The cease-fire agreement between the U.S. and Iran triggered a relief rally in shares of travel and retail giants Wednesday, on hopes that a break from surging fuel prices would help businesses manage costs and calm anxious consumers.
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Some wells can be turned on in days or weeks, but bringing the Gulf's energy system back to something akin to normal will take months.
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Shares of Levi Strauss climbed in after-hours trading Tuesday after the jeans maker raised its sales and profit outlook, despite concerns about surging gas prices and the Iran war.
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