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Tanker traffic through the Strait remains at a standstill as ship owners fear attacks by Iran. The closure has triggered the largest oil supply disruption ever.
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Reserves or no reserves, the outlook remains bleak as long as a major oil and gas trade route remains virtually closed.
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Conflict is forcing producers to slash production and close ports as Iran steps up attacks on energy infrastructure.
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Lebanon's health ministry said at least seven people were killed in the Beirut attacks early Thursday.
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Officials briefed the Senate Appropriations Subcommittee on Defense. One senator said he believes cost is higher since the figure didn't include aspects like munitions replacement.
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In an overwhelming vote, the council backed a resolution condemning Iran. A Russian proposal calling for an end to the war that didn't assign blame or even name the parties, was rejected.
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The International Energy Agency announced that it would carry out its largest-ever release of oil reserves — 400 million barrels.
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Opponents of the government, however, worried the new supreme leader, a son of the recently killed Ayatollah Ali Khamenei, would rule with an iron fist like his father.
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