How to insert a UPSERT operation into an Oracle table

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Tags:
Oracle
Oracle Table
I understand that UPSERT operation either updates or inserts a row into a table (depending if the table already has a row with matching data). Here's the code:
if table t has a row exists that has key X:
    update t set mystuff... where mykey=X
else
    insert into t mystuff...
But in Oracle, it doesn't have an UPSERT statement. Would would be the best way to do it?
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