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Crude Oil Exceeds $103 as Iran Issues Hormuz Warning, Deepening Oil Shock
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Oil Shock Deepens: Crude Tops $103 as Iran Warns Hormuz Won't Return to Normal
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Firstpost
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18-03-2026, 11:16
Oil Shock Deepens: Crude Tops $103 as Iran Warns Hormuz Won't Return to Normal
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Crude oil prices surged past $103 per barrel due to escalating Middle East tensions.
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Iranian Parliament Speaker Mohammad Baqer Qalibaf warned the Strait of Hormuz won't return to pre-war status.
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Global crude prices have risen over 40% since the war began, leading to higher fuel costs and inflation fears.
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An estimated 7-8 million barrels per day of global oil output is disrupted, with limited spare capacity.
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European leaders reject US calls for direct military involvement in Hormuz, preferring to avoid escalation.
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