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Oil prices have climbed as new US military action against Iran dampens expectations for a swift resolution to the conflict and the subsequent reopening of the Strait of Hormuz, according to the Reuters.
Brent crude futures gained 78 cents, or 1 per cent, to reach $78.8 a barrel as of 00:54 GMT. Similarly, US West Texas Intermediate crude futures (WTI) climbed 74 cents, or 1.01pc, settling at $74.26 a barrel.
