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Oil prices jumped on Monday after Israel warned that the conflict with Iran was still ongoing.
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Iran delivered its response to Pakistani mediators on Sunday, according to the state-run Islamic Republic News Agency.
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No details have been released of Iran's response - or the US proposals - designed to bring the war to an end.
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The U.S. conducted "self-defense" strikes against Iranian targets after Iran fired at U.S. destroyers in the Strait of Hormuz on Thursday, according to CENTCOM.
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