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Oil Gains 1% on US-Iran Tensions
Oil prices have risen significantly due to tensions in the Gulf region and the increasing risk of closing the Strait of Hormuz, reaching over $91 per barrel after the 60-day deadline between the US and Iran expired. As tensions continue, Brent crude reached $82.21, and WTI crude hit $77.08. However, oil prices began to decline after reaching these high levels amid expectations of negotiations between Iran and Oman regarding the strait.
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