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Commodities

Oil Prices Rebound on Trump's Rejection of Iran Peace Deal

Guavy AI Editorial Team
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Oil prices surged more than 1% on Monday after US President Donald Trump rejected a peace deal from Iran to resolve their conflict and reopen the Strait of Hormuz, keeping tensions in the Middle East elevated.

The Brent crude futures rose $1.32, or 1.27%, to $105.64 a barrel by 0036 GMT while U.S. West Texas Intermediate crude was at $93.11 a barrel, up 70 cents, or 0.76%.

Brent edged up 0.4% last week but WTI lost 7.9% on concerns that the US may ban diesel exports to ease record prices which could curb U.S. refining output.

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