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Commodities

WTI Oil Prices Rise Amid Ongoing Middle East Tensions

Guavy AI Editorial Team
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West Texas Intermediate (WTI) oil prices rose by 0.75% on Tuesday, trading around $79.40 as investors weighed the implications of ongoing tensions in the Middle East.

The price increase came despite Iran's Supreme Leader saying there were no talks underway with the US and no plan for any meetings, contradicting US President Donald Trump's claim that negotiations were resuming.

Unconfirmed reports of drone strikes on US assets in Kuwait added to concerns about a potential US-Iran peace deal, prompting traders to price in the geopolitical risk premium and supporting crude oil prices.

Rabobank's Benjamin Picton characterized the recurring tensions around the Strait of Hormuz as a 'Groundhog Day' for markets, warning that strikes typically resume, oil prices rally, equities sell, and bond yields rise.

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