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Story summary
- The European Central Bank left its benchmark rate at 2% while the Bank of Japan, the U.S. Federal Reserve (Fed), and the Bank of England kept rates steady.
- Eurozone inflation rose to 3% in April, driven by a 10.9% annual increase in energy prices, up from 5.1% in March.
- Crude oil prices climbed above $120 per barrel after Iran-backed blockades of the Strait of Hormuz, up from around $73.
