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Oil prices have risen as markets assess the escalating conflict between the US and Iran and its potential impact on efforts to end the war and fully reopen the Strait of Hormuz, Reuters reports.
Brent crude futures are up 53 cents, or 0.68 per cent, to $78.55 a barrel as of 1148 GMT (4:38pm PKT). US West Texas Intermediate crude futures gain 39 cents, or 0.53pc, to $73.91 a barrel.
