finance
WTI Crude Oil Rises 2.2 Percent to Settle at 70.75 Dollars a Barrel
WTI crude settled at 70.75 dollars a barrel after gaining 2.2 percent. Brent crude rose 1.6 percent to 73.15 dollars a barrel following the U.S.-Iran agreement.
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WTI crude oil rose 2.2 percent and settled at 70.75 dollars a barrel. Brent crude gained 1.6 percent and settled at 73.15 dollars a barrel. @FirstSquawk reported that the U.S. and Iran agreed to halt attacks and resume peace talks in Doha.
Hopes for an eventual full reopening of the Strait of Hormuz continued to support market sentiment. Tanker traffic through the Strait of Hormuz remained below normal following recent attacks. Iran stated it will continue plans to manage maritime traffic through the Strait of Hormuz.
Most of oil's wartime risk premium has now been erased as diplomatic efforts gain momentum. Traders are closely watching shipping flows, insurance costs, and supply chain normalization. Potential Russian diesel export restrictions could tighten global fuel supplies.
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