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JUST IN: Brent crude and European natural gas prices surged after the United States moved forward with a blockade of the Strait of Hormuz, following the collapse of further talks with Iran.
The move deepens an energy crisis that is already worrying refiners, shipping companies, and global markets due to its potential impact on inflation, growth, and supply chains.
Brent crude rose as much as 9.1%, approaching $104 per barrel, while European gas prices climbed nearly 18%.