As the US and Iran launch a new round of mutual attacks and the two sides have their own opinions on whether to maintain navigation in the Strait of Hormuz, oil prices have risen in response. After rising 5.4% last week, the price of Brent crude oil rose above $78 per barrel; the price of WTI crude oil was close to $74 per barrel; European gas prices rose 2.7% at one point. Iran said that the Strait of Hormuz will be closed from now until further notice, but the US Central Command denied this claim and claimed that the US military has launched a new round of attacks to ensure freedom of navigation on this waterway.

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