Oil Prices Surge as Hopes for U.S.-Iran Talks Fade
Oil prices jumped above $104 a barrel after Iran denied being in direct talks with the US, dashing hopes for a quick de-escalation of the conflict. The closure of the Strait of Hormuz and attacks on Middle East energy facilities are pushing global energy prices higher, with costs up over 40% since late February. Markets are bracing for further increases until shipping through the vital strait resumes.
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