Oil prices surged around 5% after Iran’s Fars news agency reported an incident involving a U.S. warship in the Strait of Hormuz. Traders feared the vital route for global crude flows could face a longer disruption, pushing expectations for supply risk higher. The move underscores how quickly geopolitical headlines can jolt energy markets.
Oil prices edged lower on Monday, with crude dropping below $110 for the second straight session. Traders are weighing prospects around a U.S. push to free vessels stuck in the Strait of Hormuz, while Tehran Washington tensions continue. With the key shipping route still largely blocked, the market is also watching OPEC+ output decisions, where any disruption could quickly lift prices.
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Crude oil slid for a second straight day, dropping below $95 as traders bet that renewed U.S.-Iran talks could ease Middle East supply risks. The market’s optimism follows concerns tied to the Strait of Hormuz closure and Donald Trump’s signal that negotiations could restart, raising hopes that crude flows may normalize soon.
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