Oil extends gains with Brent at $120 as fears of an extended U.S.-Iran conflict rise
Oil prices rose Thursday with Brent crude reaching $120 a barrel amid concerns over a prolonged U.S. blockade of Iranian exports and stalled nuclear talks. Reports indicate President Trump rejected Iran's proposal to reopen the Strait of Hormuz, maintaining pressure for a broader nuclear agreement. The market reacted to heightened geopolitical tensions and the possibility of extended supply disruptions from Iran.
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Oil extended gains Thursday on signs of a prolonged U.S. blockade of Iranian exports and stalled nuclear negotiations, stoking fears that supplies will remain tight for longer.The gains come as Axios reported that U.S. President Donald Trump had rejected Tehran's proposal to reopen the Strait of Hormuz, signaling the naval blockade will remain in place until a broader nuclear agreement is reached. Brent crude rose about 1.96% to around $120 a barrel, while U.S. West Texas Intermediate added 0.2% to $107.09.Prices had risen on Wednesday as The Wall Street Journal reported, citing U.S.
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