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The Strait of Hormuz is the world's most consequential oil chokepoint, a narrow passage where Persian Gulf crude traffic concentrates with no practical alternative route for most exporters.
That geography became an immediate pricing variable after President Trump declared the ceasefire with Iran finished.
Oil surged 5% following his comments, which came after the United States launched fresh strikes on Iran in retaliation for Iranian attacks on commercial vessels in the strait.
did and why the sequence matters Trump's statement was brief: the ceasefire is over. It followed, rather than preceded, U.S.
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