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The U.S. strikes on Kharg Island and Trump's threat to hit Iran's oil infrastructure mark a major escalation in the war, according to JPMorgan.
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Asia-Pacific markets fell as investors continued to monitor elevated oil prices and the latest developments in the escalating U.S.-Iran conflict.
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Energy Secretary Chris Wright said the Strait of Hormuz, a critical passageway for oil shipments, remained unsafe for tankers. Iran has been firing projectiles and laying mines.
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Global oil prices have soared as one-fifth of the world's supply normally transits the strait.
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