India, Nov. 11 -- Partially covering the losses from two previous sessions, crude oil prices have surged on Wednesday after strong remarks by Iranian leaders against the U.S. diminished expectations of an early reopening of the Strait of Hormuz.
WTI Crude Oil for December delivery was last seen trading up by $0.96 (or 1.12%) at $87.00 per barrel.
The U.S.-Iran war, the closure of Strait of Hormuz by Iran, the eventual supply disruption, and the effects of oil-linked inflation on U.S. household were stated as the reasons for the Republican party's setback in the last week's midterm elections.
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