Politics & Policy
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Trump says US has 'virtually unlimited supply' of munitions to fight wars 'forever'
"At the highest end, we have a good supply, but are not where we want to be," President Trump said
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Not just gasoline: Besides oil, Iran export blockage could also drive up food costs, expert warns
It's not just crude oil and LNG that move through the Strait of Hormuz. One fourth of the world's nitrogen fertilizer supplies come from the Middle East, and that supply is vital to modern global agriculture. The conflict in Iran threatens to drive up those prices, along with other petroleum products.
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Oil prices jump to over $70 amid Iran war, Strait of Hormuz shipping fears
Brent crude prices increased by 8.6% at $79.11 per barrel