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Commodities

Trump Rules Out Iran Framework Deal Extension, Oil Prices Soar

Guavy AI Editorial Team
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Oil
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Oil prices surged by more than 2% on Monday after US President Donald Trump ruled out extending the framework agreement with Iran. The move heightens concerns over tensions in the Strait of Hormuz, a critical route for global oil trade.

Brent crude rose to $90.60 per barrel, while West Texas Intermediate climbed to $84.20. Trump stated that he was not seeking an extension of the agreement reached with Iran through Pakistani mediation, citing that Iran would not be allowed to acquire nuclear weapons.

His remarks renewed concerns that stalled diplomacy could trigger further escalation and disrupt energy shipments through the Strait of Hormuz.

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