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Washington and Tehran traded strikes on Monday (July 20, 2026) as U.S. deaths in the renewed fighting climbed to three and more ships came under attack in the strategic Strait of Hormuz. Oil prices surged to a one-month high as the United States and Iran tussled for control of the vital strait, with Brent crude…
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Since the U.S.–Israel war with Iran disrupted oil flows through the Strait of Hormuz, Gulf producers, including the UAE, have faced major logistical challenges in exporting oil. The United Arab Emirates (UAE) on Tuesday announced it is leaving the Organization of the Petroleum Exporting Countries (OPEC) and the wider OPEC+ alliance, effective May 1. The…