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Commodities

Trump Rejects Iran Peace Deal, Oil Prices Soar on Tensions

Guavy AI Editorial Team
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Oil
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Oil prices surged by 2% on Monday after US President Donald Trump rejected an Iranian peace deal, increasing tensions in the region.

The Brent futures price climbed to $106.60 a barrel, its highest since September 15, while West Texas Intermediate (WTI) crude rose to $94.11.

The move was driven by concerns over a potential disruption to oil exports through the Strait of Hormuz, which has been a key route for global oil shipments.

Meanwhile, Saudi Arabia and the UAE boosted their crude exports to 12.8 million barrels per day (bpd) in September, according to preliminary data from Kpler.

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