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Shortly after the surge, U.S. President Donald Trump said on Truth Social that "short term oil prices" are "a very small price to pay".
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Gulf Arab oil producers are cutting production as they run out of storage space because they can't export through the Strait of Hormuz
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The global oil benchmark topped $100 a barrel late Sunday, putting Republicans on the defensive on an issue at the center of this year's midterm elections.
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Oil continued its recent surge Sunday, hitting $100 per barrel for the first time since July 2022 as the ripple effects from the U.S. war on Iran continued to hit global markets.
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