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Oil Prices Jump 6% to Above $100 a Barrel on US Blockade of Iran

UNITED STATES – Oil prices jumped about 6% to more than $100 a barrel after the U.S. military said it will blockade ships leaving Iran’s ports.

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UNITED STATES – Oil prices jumped about 6% to more than $100 a barrel after the U.S. military said it will blockade ships leaving Iran’s ports, according to market data and reporting from Reuters.

Brent futures were up $5.76, or 6.1%, while U.S. West Texas Intermediate crude rose $5.69, or 5.9%.

Prices for physical crude barrels for immediate delivery to Europe were trading even higher, with some grades already at record highs of about $150 a barrel.

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