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Brent crude rises 7% as US president vows to hit Iran ‘extremely hard’ over coming weeks
Oil prices soared and stocks sank after Donald Trump vowed in a televised speech to hit Iran “extremely hard” over the coming weeks, knocking investors hopes of a near-term end to the conflict in the Middle East.
Brent crude prices jumped by more than 7% on Thursday morning to pass $108.50 a barrel, reversing Wednesday’s drop when hopes of a de-escalation in the Iran war pushed the international benchmark below the $100-a-barrel mark at one point.
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