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Oil Prices Surge as Iran Strait of Hormuz Standoff Continues

Guavy AI Editorial Team
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The standoff over Iran's Strait of Hormuz has caused oil prices to surge by 2% in early trading on Monday, with Brent crude reaching $107.08 a barrel and WTI futures at $94.66.

The impasse began after President Donald Trump rejected Tehran's offer to reopen the strait within a week in exchange for an end to Washington's naval blockade, reduced military pressure, lifted sanctions on Iranian oil sales, and a ceasefire.

Tehran has maintained its commitment to these terms despite Trump's rejection, with Qatar acting as a messenger between the two sides. The Axios report stated that Trump still expects negotiations to restart this week.

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