Oil jumps 4% as doubts linger over U.S.-backed plan to protect Strait of Hormuz shipping
Oil prices jumped 4% on Tuesday as uncertainty lingered over a U.S.-led coalition to protect shipping through the Strait of Hormuz.

Oil prices jumped 4% on Tuesday as uncertainty lingered over a U.S.-led coalition to protect shipping through the Strait of Hormuz.
Treasury yields edged higher as investors weighed escalating tensions in the Middle East and rising oil prices ahead of the Federal Reserve's policy decision.
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International benchmark Brent crude gained 2.45% to $102.57 per barrel, while the U.S. West Texas Intermediate rose 2.51% to $95.85 per barrel as of 8:44 p.m. ET.
The 25 basis points hike was in line with expectations from analysts polled by Reuters
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European stocks were broadly higher on Tuesday as global markets keep a close eye on volatile oil prices.
President Donald Trump said Monday that some U.S. allies are not willing to join a coalition to protect tankers in the Strait of Hormuz.
The UAE's General Civil Aviation Authority said it had temporarily closed the country's airspace as a precautionary step.
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The White House believes tanker traffic through the Strait of Hormuz will increase before Navy escorts are deployed, Treasury Secretary Scott Bessent said.
Bessent addressed rumors that the Treasury Department or some other arm of government might step in to try to lower oil prices.
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