Oil prices rise after US and Iran exchange fire in Hormuz strait
US President Donald Trump said the ceasefire between Washington and Tehran is still in place.
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"I believe they want the deal more than I do."
— Donald Trump , Politician
"The talks are going very well, but they have to understand if it doesn't get signed, they're going to have a lot of pain."
— Donald Trump , Politician
"the ceasefire remained in effect"
— Donald Trump , Politician
"the ceasefire between Washington and Tehran is still in place."
— Donald Trump , Politician
"the ceasefire between Washington and Tehran is still in place"
— Donald Trump , Politician
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US President Donald Trump said the ceasefire between Washington and Tehran is still in place.
Oil prices surged after the US and Iran exchanged fire in the Strait of Hormuz, a critical waterway for global oil and gas supplies.
On May 7, 2026, U.S. and Iranian military forces exchanged fire in the strategic Strait of Hormuz, escalating tensions in the region.
Oil prices rose after the US seized an Iranian-flagged cargo ship near the Strait of Hormuz, raising concerns over supply disruptions.
Oil prices increased by over 1% following renewed hostilities between the US and Iran, threatening the fragile ceasefire in the Strait of Hormuz.
Oil prices rose on Friday in Asia after the US and Iran exchanged fire in the key Strait of Hormuz waterway.
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