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A standoff between the US and Iran lifted oil prices, with stocks joining bonds lower after clashes over the Strait of Hormuz raised concerns about a disruption in energy supplies that could fuel inflation.
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The Strait of Hormuz is a major oil shipping route and the epicenter of the U.S. and Israel's ongoing war with Iran.
Oil extended gains and Asian stocks were set to track Wall Street lower after the standoff between the US and Iran intensified, raising concerns that disruptions to energy supplies could accelerate inflation.
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