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Oil Prices Surge as US-Iran Peace Hopes Fade

Guavy AI Editorial Team
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Oil prices rose to near three-week highs on Tuesday as US-Iran peace hopes faded. Brent crude futures increased by 20 cents, or 0.22%, to $91.07 a barrel at 1203 GMT.

US West Texas Intermediate crude futures also rose, up 49 cents, or 0.58%, at $84.99 a barrel.

The increase in oil prices is attributed to the lack of progress on peace talks and resumption of oil tanker traffic through the strategic Strait of Hormuz.

Iran's top negotiator, Mohammad Baqer Qalibaf, stated that Iran will keep the Strait of Hormuz closed until the US meets the conditions of the interim deal signed in June.

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