Business

Oil prices surged above $106 per barrel amid escalating US-Iran tensions in the Strait of Hormuz, following reciprocal vessel seizures. The increase represents a nearly 5% rise since late Wednesday, reflecting concerns over shipping disruptions in a key global energy transit route.

Sam Bankman-Fried, the co-founder of the collapsed crypto exchange FTX, has been sentenced to 25 years in prison for defrauding customers and investors of his now-defunct firm. The once-billionaire was a prominent face of cryptocurrency until the company’s sudden collapse in 2022.

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