Oil prices surged as the Strait of Hormuz reportedly closed again, reigniting supply disruption fears. Brent crude futures climbed $6.11 (6.76%) to $96.49 a barrel, while U.S. West Texas Intermediate rose $6.53 (7.79%) to $90.38 by 2327 GMT, reversing earlier declines and boosting sentiment across energy markets.
Oil prices fell Tuesday as expectations of upcoming U.S.-Iran talks lifted hopes that Middle East supply could increase. Brent futures dropped 1% to $94.53, while WTI slipped 1.72% to $88.07. Traders are focused on whether negotiations produce an extended ceasefire or wider deal, even as disruption risks still linger.
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