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Oil prices rise as Iran war threatens shipping through strait of Hormuz

Oil prices rise as Iran war threatens shipping through strait of Hormuz

Trump plans to use Venezuela’s huge crude reserves ‘to cut US oil price to $50 a barrel’

Trump plans to use Venezuela’s huge crude reserves ‘to cut US oil price to $50 a barrel’

January 8, 2026

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International Maritime Organization

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Strait of Hormuz

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