Oil Gains on US Iran Tensions
Oil prices rose again amid concerns about the lack of sufficient details in the preliminary agreement to end the war between Washington and Tehran, and what it might take to resume oil shipments through the Strait of Hormuz. Brent contracts increased by 0.3% to $83.42 per barrel, and West Texas Intermediate crude rose by 0.3% to $81.12, despite a previous decline of nearly 5% following Trump’s announcement of a memorandum of understanding with Iran. The stage remains uncertain regarding the speed of supply restoration, as tensions continue over the future of Iran’s nuclear program and the permanent ceasefire.
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