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Commodities

Iran Tensions Fuel Oil Price Rise Amid US Threats

Guavy AI Editorial Team
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Oil
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Oil prices continued their upward trend on Tuesday, fueled by ongoing tensions between the US and Iran over the Strait of Hormuz. Despite recent talks between Iran and Oman to ease concerns over shipping routes, no definitive agreement has been announced.

US President Donald Trump maintained that Washington controlled Hormuz, while also threatening to bomb Oman if it 'gets in the way'. This statement came after he declared that the US would not seek an extension of a ceasefire deal with Iran, which expired on Monday.

Brent oil futures rose 0.3% to $91.09 a barrel, while West Texas Intermediate crude futures increased by 0.4% to $84.85 a barrel by 21:06 ET (01:06 GMT).

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