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Brent Crude Spikes to $106 After Iran Strikes South Pars Gas Field; Strait of Hormuz Fears Escalate

Global oil benchmark Brent crude spiked 3.1% to above $106 per barrel on Wednesday after Iran reported an attack on its South Pars natural gas processing complex — the world's largest gas field — in apparent retaliation for recent Israeli strikes. The development reignited fears that the conflict could escalate toward a full blockade of the Strait of Hormuz, through which roughly 20% of the world's oil supply transits daily.