Oil prices climb amid US-Iran peace concerns

Oil prices rose today, Monday, amid diminishing expectations of reaching a truce in the peace talks between the United States and Iran, and a slowdown in tanker traffic through the Strait of Hormuz, which increased geopolitical concerns. Brent crude oil price increased by 1% to $89.40 per barrel, hitting the highest level of the session, while West Texas Intermediate rose to $82.83, reflecting market tension caused by the prospects of escalation and the risks associated with regional politics.

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