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The Middle East conflict is no longer distant thunder for the City of London. Oil surged above $97 per barrel on Monday as the US and Iran traded strikes over the weekend—Washington targeted three Iranian oil tankers in retaliation for ballistic missile attacks on Navy warships, and Tehran responded by attacking US-linked vessels and pledging a "restricted" maritime zone beyond the Strait of Hormuz. That chokepoint, which normally carries roughly **20 per cent of the...
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