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Commodities

Trump's Iran Stance Sends Oil Prices Soaring

Guavy AI Editorial Team
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Brent crude prices rebounded by 2.1% on Thursday after a report said US President Donald Trump has no interest in reviving a memorandum of understanding with Iran reached in June.

The Wall Street Journal reported that the Trump administration repeatedly told mediators it would not revive the agreement, complicating diplomatic efforts to restart talks.

US West Texas Intermediate crude futures settled up 1.6% at $83.53, while Brent crude finished up $1.86 at $89.70 a barrel.

UBS analyst Giovanni Staunovo said investors scaled back expectations of a diplomatic breakthrough that could boost oil flows from the Middle East.

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