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The Strait of Hormuz is the single maritime passage through which Persian Gulf crude must transit to reach export markets.
Threaten that corridor with military activity, and crude prices move before any barrel goes offline.
Oil rose Wednesday after the United States launched what it called powerful strikes against Iran, framing the action as retaliation for Iranian attacks on commercial vessels operating in the strait.
The chokepoint and the escalation loop The constraint here is physical: a single passage out of the Gulf's producing basin, with no equivalent bypass of comparable capacity.
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