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Oil prices whipsawed as hopes for a US-Iran peace deal faded with fresh fighting across the Middle East. The ongoing uncertainty has raised new concerns about supply disruptions and the future of flows through the Strait of Hormuz. Sara Vakhshouri, President and Founder of SVB Energy International spoke to Bloomberg’s Abeer Abu Omar on Horizons Middle East and Africa on the oil markets. (Source: Bloomberg)

No region of the world produces more oil and gas than the countries straddling the Persian Gulf. Most of this energy can only be exported aboard tankers that cross the Strait of Hormuz — a waterway that’s effectively been blocked for more than three months.

India said it remains in talks with the US after Washington proposed fresh tariffs on imports from major trading partners, adding that negotiations on a broader trade framework agreement announced earlier this year are continuing.

The Trump administration on Tuesday proposed new tariffs that would come into force just as an existing levy expires.