13 Hrs
Source:
الاقتصادية
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Oil increases 2.5% amid US-Tehran deadlock
Oil prices rose by 2.5% after Iran announced that it would not ease its conditions for reopening the Strait of Hormuz, following the United States' rejection of its proposal to facilitate passage through the vital corridor. This has raised concerns about a potential derailment of the negotiations and increased tensions between the two sides. Brent crude increased to $107 per barrel, while West Texas Intermediate (WTI) rose above $94, although the market is resisting further gains due to prevailing uncertainty and limited expectations of a quick breakthrough. New talks are scheduled to be held this week, but their outcome remains uncertain as inflationary pressures continue to rise due to lost oil flows through the Strait of Hormuz and Iran's control over oil shipments exported to China. Analysts indicate that the market is likely to remain limited in its gains in the near term.
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