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Asia

Oil climbs 5% as Iran, US both demand compensation and Hormuz hopes fade

Markets-Economic Times · 1h ago · 🇮🇳 India

Oil climbs 5% as Iran, US both demand compensation and Hormuz hopes fade

Oil prices rose significantly as Iran and the United States exchanged compensation demands. Prospects for reopening the Strait of Hormuz dimmed due to these escalating tensions. Ukraine continued to strike Russian refineries and tankers, further impacting supply. Saudi Aramco postponed a refinery restart after recent Houthi attacks. US Strategic Petroleum Reserve stocks reached their lowest level since 1983.

Read the full story at Markets-Economic Times →

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