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Oil prices surged above $94 a barrel and settled at a 6-week high after U.S. strikes Iran in Hormuz. One analyst said prices may not return to “levels of violence” from the conflict’s start.
Crude rallied Monday after renewed U.S.-Iran strikes, with West Texas Intermediate up 2.5% to $85.49 and Brent up 2.7% to $90.47. The 10-year Treasury yield hit 4.76%, while U.S. equities fell.