Oil prices rise above 107
Oil prices rose by more than 3% after U.S. President Donald Trump rejected Iran's proposal to reopen the Strait of Hormuz, amid escalating tensions between the two sides. Brent crude soared above $107.54 per barrel, the highest level since September 15, while West Texas Intermediate reached $95.09, an increase of about 2.89%. This price surge was driven by the escalating crisis between the United States and Iran, with expectations of further volatility in the oil markets.
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