Oil prices climbed to near seven-week highs before edging lower, driven by geopolitical concerns as Iran plans to increase control over the Strait of Hormuz. The West Texas Intermediate and Brent crude futures for October and November delivery, respectively, stabilized after rising earlier in the session. The proposed strengthening of Iran’s grip on Hormuz, a strategic waterway through which roughly one-fifth of the world’s oil supply passes, heightened market uncertainty.
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