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The war in the Mideast has effectively halted shipping through the Strait of Hormuz, threatening to push up gas prices and raise the cost of other goods.
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European stocks started the new trading week firmly in negative territory.
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Higher fuel prices and lower demand for international flights are eating into airlines' profits.
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The majority of flights to key Middle Eastern hubs have been cancelled for Monday as the conflict continues.
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Separately, a drone attack hit the U.S. Embassy compound in the Persian Gulf state, as Iran continues to target American assets across the Middle East.
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Three U.S. service members have been killed, and President Donald Trump said "there will likely be more" with U.S.-Israeli operations set to continue for weeks.
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The war over Iran engulfed more of the Middle East and beyond on Monday as Lebanon's militant group Hezbollah responded to the killing of Iran's spiritual leader with its first attack on Israel in more than a year.
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U.S. forces say they have hit 1,000 targets over the past two days in a race to take out Iran's ability to threaten American personnel and allies across the Middle East.
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