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Commodities

Trump's Sanctions Send Oil Prices Steady Amid Ongoing Hormuz Standoff

Guavy AI Editorial Team
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Oil
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Oil prices remained steady in early Asian trade on Thursday after US President Donald Trump announced stricter economic sanctions against Iran.

The standoff in the Strait of Hormuz showed little sign of easing, with crude prices reaching a one-month high and marking five consecutive days of gains.

Brent oil rose 0.25% to $91.85 a barrel, while WTI oil increased 0.15% to $84.52 a barrel.

Trump's announcement came after Iran effectively blocked the Strait of Hormuz for most of the year, disrupting at least 20% of global crude supplies.

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