Oil prices increased Thursday as tensions between the US and Iran intensified following Iranian retaliation against a US airbase. The Strait of Hormuz, a critical shipping route, saw commercial traffic drop to near zero, raising concerns about global energy supply. In other developments, Australia has initiated legal proceedings against US-based 3M over the use of persistent "forever chemicals" in firefighting foam. Meanwhile, Brazilian President Lula has voiced support for expanding oil and gas exploration within the Amazon region.
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