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The U.S. military announced it will begin its blockade of Iranian ships over the Strait of Hormuz on Tuesday, as Iran vowed to assert its own control over the critical international waterway.
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;Resize=(620)) The cost of a barrel of Brent crude, the international standard, was up around $86 US on Tuesday morning. That's higher than oil has been in recent weeks after the U.S. and Iran signed a memorandum of understanding to end the war, but below the $100 mark that oil has reached earlier in the war.
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