Business
Oil Prices Rise Slightly After U.S. and Iran Trade Strikes
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Oil prices are going up a little. Brent crude oil, which is a very important kind of oil for the whole world, is now 1 percent more expensive. This oil is a benchmark, meaning it helps show the price for all other oil. Trading for this oil resumed on Sunday, and that is when the price went up.
Because oil is more expensive, gas for cars is also more expensive. In the United States, the average price for one gallon of gas is almost $4.15. This makes it more costly for people to drive their cars every day.
Why are prices rising? There is some trouble between the United States and Iran. They had some 'strikes,' which means they attacked each other. When there is fighting in places where a lot of oil comes from, people worry that there will not be enough oil. This worry makes the price of oil go higher.
Vocabulary Help
benchmark
a standard or point of reference against which things may be compared or assessed.
resumed
started again after a pause.
gallon
a unit of liquid measure equal to 3.785 liters in the U.S. and 4.546 liters in the U.K.
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