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Oil Prices Jump After U.S. and Iran Strikes Hit Hormuz HopesOil prices were jumping higher after the U.S. military intercepted Iranian ballistic missiles aimed at American forces in Jordan. Shortly after the attack, the U.S. and Saudi Arabia launched strikes in Iraq against Iran-backed groups that the Islamic Revolutionary Guard Corps previously directed to attack American troops and Saudi energy infrastructure. The escalation in hostilities hit market hopes that the vital Strait of Hormuz waterway would reopen.