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Oil Prices Soar as Iran and US Demand Compensation

Guavy AI Editorial Team
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Oil
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Oil prices surged on Monday after Iran and the US both demanded compensation for damages related to the Middle East conflict, dashing hopes that a deal would soon reopen the vital Strait of Hormuz waterway.

The price of Brent crude futures settled up $4.17, or 4.99%, at $87.72 a barrel, while U.S. West Texas Intermediate crude futures closed $3.95, or 5.05%, at $82.13 - the highest percentage gains since July 29 on both contracts.

Iran has made it clear that the US must meet several conditions before the waterway is reopened, including lifting sanctions and paying compensation for 'all of the people that they have killed and gravely wounded,' according to President Donald Trump.

Tehran will not start talks with Washington until an interim deal signed in June is implemented, Iranian Foreign Minister Abbas Araqchi said on Sunday.

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