Oil surges amid Iran-US compensation issues
Oil prices rose by more than 4% after Iran and the United States exchanged demands for compensation, leading to a decline in hopes of reopening the Strait of Hormuz again. Iran demanded that the U.S. lift sanctions and meet certain conditions, including compensation, while the American president announced that Iran must pay damages for the harm it caused. As a result, Brent crude futures increased to $87.13 per barrel, and West Texas Intermediate rose to $81.51 per barrel. Prices had fallen by over 7% the previous week amid signals of an upcoming agreement to reopen the strait, which is one of the most important global oil passages; however, disagreements remain over the American conditions related to sanctions removal and military threats.
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