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Iran's attacks on shipping in the Strait of Hormuz have choked this vital oil transit route, causing global oil prices to surge above $100 per barrel. In response, the United States has conducted a military strike against Iran and is coordinating with the International Energy Agency to release significant volumes from strategic petroleum reserves to combat rising prices. These global disruptions are also creating supply constraints and market corrections in the U.S. natural gas sector, impacting domestic energy costs.
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