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Israel killed another top Iranian official — the intelligence minister — in its campaign against the Islamic Republic’s leadership and reportedly attacked an Iranian offshore natural gas field Wednesday amid the war’s escalating pressure on the region’s economic lifeblood: energy.
Iran has been striking its Persian Gulf neighbours’ energy facilities since the U.S. and Israel launched the war on Feb. 28 and has made the Strait of Hormuz shipping channel — through which one-fifth of the world’s oil travels — nearly impassable. On Wednesday, an Iranian missile hit a major natural gas facility in Qatar.
The price of oil surged another 5% to over $108 a barrel on international markets, increasing the price of gasoline and other goods, and squeezing the global economy. The price of Brent crude, the international benchmark for oil, is now up close to 50% since the start of the war.
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