Oil Advances Above $85 on Hormuz Tensions

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Brent oil prices rose above $85 per barrel for the first time in a month. This surge follows US President Donald Trump reimposing a blockade on Iranian ships transiting the Strait of Hormuz and demanding payment for all other cargo. Energy markets are alarmed by the battle for the Strait of Hormuz, with Brent crude reaching levels last seen before the US and Iran agreed to extend their ceasefire, according to reports from Bloomberg.
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