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Story summary
- U.S. President Donald Trump announced continued military strikes on Iran, escalating the Middle East conflict.
- The Strait of Hormuz is a crucial oil corridor that supplies oil to China, Japan, South Korea, Taiwan, and India.
- These nations have stockpiles to manage short-term disruptions.
- A prolonged conflict or blockade could severely impact their economies.
- Oil prices surged on Monday as tankers rerouted and insurance costs rose.
