“Oil surges as Strait of Hormuz tensions escalate after UAE drone strike Oil prices have jumped sharply as tensions around the Strait of Hormuz intensify following a reported drone strike on an energy facility in the United Arab Emirates. Brent crude rose more than 5 percent, reaching $113.78 a barrel by 1535 GMT, while US benchmark West Texas Intermediate climbed 3.1 percent to $105.11.
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