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Axios

Oil prices jump after Strait of Hormuz setbacks

Oil Strait Hormuz United States Chris Wright Donald Trump Iran AAA

Data: Financial Modeling Prep; Chart: Ben Geman/Axios

Oil prices are up around 6% Sunday evening after the weekend brought fresh escalation of the U.S.-Iran conflict.

Why it matters: The jump after international markets opened reverses a large chunk of the sharp decline Friday, when President Trump and Iran's foreign minister claimed the Strait of Hormuz was opening to tanker traffic.

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