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Oil Prices Jump as US-Iran Deal Hopes Fizzle Amid Strait of Hormuz Standoff

Guavy AI Editorial Team
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Oil prices surged on Monday as hopes for a US-Iran deal faded after President Trump rejected Tehran's latest proposal. The increase came despite Trump's statement that he expects US negotiators to hold further talks with Iran this week.

Brent crude futures rose to around $108 per barrel, while December contracts jumped 3% to $100 per barrel. WTI crude also increased, reaching above $95 per barrel.

The Strait of Hormuz, a key shipping route, was at the center of Tehran's proposal. Iranian Foreign Minister Abbas Araghchi offered to open the strait and restart nuclear negotiations within seven days if the Trump administration agreed to their terms.

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