Oil up 1% as Brent exceeds $106
Oil prices rose by more than 1%, with Brent surpassing $106 per barrel. This came after Iran's proposal to open the Strait of Hormuz was rejected by U.S. President Donald Trump, who announced that he expects to resume talks with Iran mediated by Qatar in the coming week. Trump indicated that Iran offered an agreement that did not meet his ambitions, while also confirming that the U.S. military managed to secure the passage of more than 20 million barrels of oil through the Strait of Hormuz over the weekend, a record figure since the outbreak of the war. The dispute centers around control of the strait, which accounts for one-fifth of global oil production, and remains a topic of escalation between Washington and Tehran, with the possibility of U.S. strikes on Iran resuming after the midterm elections in November.
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