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Oil Prices Surge to Three-Week High Amid Stalled US-Iran Peace Talks

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Oil prices have risen significantly on Monday following the cancellation of US peace talks in Pakistan over the weekend, dampening hopes for a swift resolution to the ongoing conflict that has disrupted global oil and gas supplies. Brent crude has increased by 2.5%, reaching nearly $108 per barrel, while US WTI rose by 2.2% to $96.4 per barrel. Goldman Sachs has adjusted its fourth-quarter price forecasts, predicting Brent will average $90 per barrel and WTI $83, citing heightened economic risks and potential shortages. Additionally, Iran has warned that the Strait of Hormuz, crucial for global oil transport, may not return to pre-war conditions, further influencing market stability.

Key Details: • Brent crude prices reached nearly $108 per barrel, a 2.5% increase. • US WTI prices rose to $96.4 per barrel, a 2.2% increase. • Goldman Sachs forecasts Brent at $90 and WTI at $83 for Q4 2023. • Iran warns the Strait of Hormuz may not return to pre-war conditions.

economy global-markets energy oil-prices us-iran

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Donald TrumpSaxo BankGoldman SachsPakistanStrait of Hormuz

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