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Prices rose after it became clear that Vice President JD Vance had not departed for Pakistan, where peace talks with Iran were supposed to resume.
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The energy industry is planning for a future where the choke point on Iran's southern coast is a lot less important.
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Also, Trump extends the cease-fire with Iran. Here's the latest at the end of Tuesday.
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The status of the Strait of Hormuz and Iran's nuclear enrichment program are among the biggest obstacles to extending the truce, which expires Wednesday evening.
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