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The US Navy blockade of Iranian ports, effective at 10 AM ET, has pushed oil prices above $103, with gas prices over $4.12 per gallon. Talks between the US and Iran collapsed, leading to the blockade. The blockade poses economic risks, with inflation rising to 3.3 percent and potential impacts on consumer prices. The Federal Reserve’s response and market implications are uncertain before the ceasefire expires on April 22.
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