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Global Oil Trade at Risk
The small river transports almost a fifth of global oil exports, and disruptions have unsettled markets and governments with shipments slowed and costs rising. Iran claims ownership over the strait and says it will only completely reopen it if it can charge commercial vessels to pass through.
The greater region is tense as well. Israeli strikes have killed more than 3,100 people in Lebanon since March 2, as combat with Iran-backed Hezbollah has persisted despite a U.S.-brokered ceasefire imposed in mid-April, Lebanon’s health ministry said Friday.
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