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Oil prices are rising this morning thanks once again to uncertainty in the Persian Gulf, but this time it’s weather rather than politics that’s roiling the waters.
Cyclone Gonu, the Arabian Peninsula’s worst storm in the 60 years since records were first kept, is bearing down on the Strait of Hormuz, threatening to cut all transportation through one of the world’s most important petroleum arteries. Outside the strait, on the northeast corner the Peninsula.