President Donald Trump is urging Congress to add tariffs targeting Iran to the Russia sanctions bill. This move comes amid escalating tensions in the Strait of Hormuz, where Iranian attacks on commercial vessels have led to the reinstatement of naval blockades and the revocation of waivers on Iranian oil exports. Oil prices, which spiked up to $126 per barrel during disruptions, have settled in the $80 to $85 range. The addition of tariffs could further tighten global oil supply and increase volatility in energy markets.
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