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Commodities

Oil Prices Surge as Iran-US Tensions Escalate

Guavy AI Editorial Team
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Oil
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Oil prices surged 5% on Monday as tensions between Iran and the US escalated, dimming hopes for a deal to reopen the Strait of Hormuz.

The price jump was driven by US President Donald Trump's statement that Iran must pay compensation for 'all of the people that they have killed and gravely wounded.'

Iranian Foreign Minister Abbas Araqchi said on Sunday that Tehran will not start talks with Washington while it is in breach of an interim deal signed in June.

The Strait of Hormuz, which carries a fifth of the world's oil, has been closed due to ongoing conflict in the region.

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