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stock futures slid sharply while oil prices surged after escalating tensions between Washington and Tehran.
U.S. Central Command will block all maritime traffic to and from Iranian ports starting Monday.
KEY POINTS
- WTI crude oil prices surged over 8% to $104.58 per barrel after the blockade announcement.
- Diplomatic talks in Pakistan failed due to Iran's refusal to abandon nuclear weapons development.
- Tanker traffic through the Strait of Hormuz has dropped sharply, with only three supertankers transiting Saturday.
COMPANIES
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