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Story summary
- The ongoing war in Iran drives up oil prices.
- Goldman Sachs projects global growth will fall 0.3% and inflation will rise 0.5–0.6 percentage points over the next year.
- The Strait of Hormuz blockade traps 16 million barrels of oil per day, threatening disruption at Kharg Island.
- JPMorgan Chase & Co. says strategic reserves will provide about 7.5% relief from the shortfall.
- The United States considers military action if shipping is obstructed.
