business
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Oil Prices Fluctuate Following Reported Seizure of Iranian Ship
June 12, 2026
Why it matters locally: California's gas prices and energy costs could be affected by Middle East oil market volatility, given the state's reliance on global petroleum markets and its position as a major energy consumer.
Oil prices have fluctuated following recent events in the Middle East. These price swings occurred after the United States and Israel took actions regarding Iran on February 28. These actions preceded reports about the seizure of an Iranian ship.
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