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Oil prices surge as Hormuz progress and Fed signals lift October hike bets

  • International oil prices closed sharply higher on developments involving the Strait of Hormuz.
  • Federal Reserve officials’ signals significantly lifted market pricing for an October rate hike.
  • The three major U.S. stock indexes closed mixed.

International oil prices closed sharply higher amid signs of progress over the Strait of Hormuz situation. Hawkish signals from Federal Reserve officials significantly increased market pricing for an October interest-rate hike, while the three major U.S. stock indexes finished mixed.

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