Oil prices spiked nearly 3% to $103 per barrel on Friday following an exchange of fire in the key Strait of Hormuz waterway. 

The US characterized the engagement as self-defense against unprovoked attacks, while Tehran accused Washington of violating the April ceasefire by targeting Iranian ships and coastline positions.

Despite the clash, President Trump insisted the ceasefire remains in place, downplaying the strikes as a “love tap” while claiming US forces “completely destroyed”........

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