With the United States joining Israel in the conflict with Iran, oil prices are soaring in the international market. The price of Brent crude, on which India mainly relies, is approaching $80 per barrel. Oil prices are at their highest in five months. Oil prices rose by two percent. Oil prices are at their highest since January. Oil prices reflect concerns about how Iran will respond to the American attack on Iranian nuclear facilities. Experts say that the Iranian parliament's approval to close the Strait of Hormuz, through which one-fifth of the world's oil and gas supplies pass, is also affecting oil prices.
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