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Oil prices extended gains Wednesday as geopolitical tensions near the Strait of Hormuz kept traders cautious. Brent crude rose 0.5% to $91.44 a barrel amid uncertainty over shipping access and renewed Iranian military posturing.
Escalating Iran tensions underscore energy security vulnerabilities for import-dependent countries, driving accelerated transition toward renewable power and fuel diversification strategies across Asia and beyond.
US stock markets rallied to record levels as signals of de-escalating US-Iran tensions pushed oil prices down by 5%, easing concerns about energy costs and geopolitical risk. The Dow, S&P 500, and Nasdaq all gained substantially on strong earnings reports.
Two US service members were killed and one remains missing following Iranian ballistic missile and drone attacks on a US position in Jordan on July 17, according to CENTCOM.