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The Oil Crisis: A Long and Winding Road to Recovery

A fragile two-week ceasefire has been brokered between the US and Iran, marking a tentative step towards peace after 40 days of conflict. The truce, set to be formalized in Islamabad, Pakistan, on Friday, includes a crucial provision allowing oil and gas shipments to resume through the Strait of Hormuz. This strategic waterway, which typically handles 20 percent of the world’s oil and gas exports, has been a focal point of the crisis.

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