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Oil Prices Surge as US-Iran Deal Doubts Fuel Supply Concerns

Guavy AI Editorial Team
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Oil prices rose on Wednesday due to concerns over disruptions to Middle East supplies, fueled by doubts about a US-Iran peace deal and attacks on two ships in strategic waterways.

The Brent futures contract increased by 75 cents, or 0.84%, to $89.66 a barrel, while the U.S. West Texas Intermediate (WTI) crude rose 72 cents, or 0.87%, to $83.92.

This followed a sharp rise on Monday of about 5% as hopes for a peace deal between the US and Iran began to fade, with President Trump issuing new demands for compensation from Iran.

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