Oil Prices Up As U.S. Cancels Iran’s Sales License, Launches Strikes

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Oil prices rose on Tuesday after the US government cancelled Iran's license to sell crude oil globally. This decision coincided with the US launching airstrikes within Iran. These actions follow a series of attacks on ships in the Strait of Hormuz, further imperiling a peace agreement. The US revoked the waiver that previously allowed Iran to sell oil, leading to the current increase in global oil prices as reported by Bloomberg's Nick Wadhams.
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