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Iran's Conditions for Hormuz Reopening Send Oil Prices Soaring

Guavy AI Editorial Team
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Oil
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Oil prices surged nearly 2% on Monday after Iran tempered hopes of reopening the Strait of Hormuz, a critical waterway for global oil shipments.

Brent crude futures rose $2.48 to $86.03 per barrel, while US West Texas Intermediate (WTI) crude futures climbed $2.43 to $80.61.

The increase came after Iran's Foreign Minister Abbas Araqchi stated that the US must lift sanctions on Tehran and pay reparations before the strait is reopened.

Araqchi also reiterated that Iran will not engage in talks with the US while Washington remains in breach of an interim deal signed in June.

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