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Commodities

Oil Prices Rise Amid Strait of Hormuz Uncertainty

Guavy AI Editorial Team
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Oil prices rose on Monday due to uncertainty over the reopening of the Strait of Hormuz, a key waterway for global oil shipments. Iran said a deal with Oman defining new shipping lanes was in its final stages but insisted that the US must meet additional conditions before the strait reopens.

The price of Brent crude futures rose 1.09% to $84.46 a barrel, while U.S. West Texas Intermediate crude futures increased by 0.78% to $78.79 a barrel.

The Strait of Hormuz has been a point of contention between Iran and the US, with Iran demanding compensation for damages caused by US sanctions and military actions.

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