Oil rises above $80 due to talks setbacks and Trump warnings

Oil prices jumped above $80 per barrel after talks between the United States and Iran in Switzerland faltered, as the Iranian delegation refused to return to direct negotiations following Trump’s threats of renewed military action against Iran. Brent crude rose by 1.23% to $81.56, while West Texas Intermediate increased by 3.04% to $78.93. Iran also announced the reopening of the Strait of Hormuz, amid Israeli escalation in Lebanon.

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