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Oil prices surge above $90 as US strikes Iranian targets near Strait of Hormuz amid rising tensions.

Market News
27 May 2026
Benzinga
View Source
Bearish
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US military actions near the Strait of Hormuz, including strikes on Iranian missile sites and shooting down drones, pushed oil prices above $90 per barrel. These moves are described as defensive to maintain a ceasefire amid ongoing US-Iran nuclear talks. Despite diplomatic efforts, tensions remain high due to disagreements over sanctions and uranium enrichment. Market reactions include slight gains in US futures and mixed Asian market performance.

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