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Oil futures surged after the US and Israel launched strikes against Iran, with US crude jumping 7.5% and Brent crude spiking 6.2%.
Traders are betting on a brief disruption to the oil market due to the strikes, but there is uncertainty about the war's scope and duration.
Iran plays a crucial role in the global oil market, controlling a vital shipping lane and boasting the world's third-largest proven oil reserves.
The Strait of Hormuz, a critical oil chokepoint controlled by Iran, sees about one-fifth of daily global oil production flow through it.
A prolonged military conflict in the Middle East could lead to surging oil prices, boosting gasoline prices and overall inflation, potentially impacting global economies like China and India.
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