Oil tops $116 as Iran warns of US invasion
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Oil prices surged to their highest level in nearly two weeks on Monday amid escalating tensions in the US-Israel war on Iran.Brent crude, the global benchmark, jumped more than 3 percent to exceed $116 a barrel, reaching its highest level since March 19, when it briefly touched $119.The rise followed Iran’s warning that it is prepared for a US ground invasion. The speaker of Iran’s parliament said Tehran was awaiting US troops to “set them on fire” and “punish” their regional allies.The warning came as the conflict intensified over the weekend. Iranian-backed Houthi forces launched missiles at Israel for the first time in the war, while Israel expanded its invasion of southern Lebanon.Asian stock markets fell sharply in morning trading, with Japan’s Nikkei 225 and South Korea’s KOSPI both down more than 4 percent as of 1:30 GMT.Iran’s effective closure of the Strait of Hormuz in response to US-Israeli attacks has disrupted roughly o...
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