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Oil Prices Drop Amid Tensions in Gulf Region

3/20/2026

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Story summary
  • Oil and gas prices fell after a volatile week due to concerns over supply security linked to Tehran's actions in the Gulf.
  • U.S. President Donald Trump criticized the United Kingdom for not backing U.S. requests regarding the Strait of Hormuz.
  • Iranian Foreign Minister Abbas Araghchi condemned the UK's cooperation with United States as aggression.
  • Reform UK faces scrutiny over controversial remarks and climate denial as councils abandon targets.