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Iran's Vow Sends Oil Prices Soaring Amid Strait of Hormuz Uncertainty

Guavy AI Editorial Team
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Oil
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Oil prices surged nearly 2% on Wednesday as traders evaluated Iranian President Masoud Pezeshkian's vow to never surrender.

The price of Brent crude futures rose $1.84, or 1.85%, to $101.09 a barrel by 8:41 PM, while West Texas Intermediate futures gained 69 cents, or 0.76%, to $91.21.

The Strait of Hormuz and Washington's naval blockade on Iran were discussed during indirect talks on Tuesday, with the official stating that a reopening was contingent upon Iran meeting certain conditions.

Iran's security chief Mohsen Rezaei had earlier said that the Strait would not be reopened while Iran's conditions are not met.

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