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Commodities

Asian Markets Cautious Amid Oil Price Surge

Guavy AI Editorial Team
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Oil
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Asian stock markets opened cautiously on September 28 as oil prices surged amid uncertainty over US-Iran negotiations. The Brent crude futures rose 1.6% to $106 per barrel, a gain of 17% since the start of the month.

The U.S. President Donald Trump rejected Iran's proposal to open the Strait of Hormuz and said that negotiations would continue this week. Trump stated that Tehran seeks to reach a deal, but Iran showed no willingness to soften its proposals.

Increased oil refining capacity pushed diesel fuel prices to record levels, significantly above the cost of crude oil, increasing the risk of inflation becoming entrenched in prices and wage decisions.

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