Oil Prices Surge After Trump Rejects Iran's Hormuz Proposal
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Oil prices have surged following the U.S. President Donald Trump's rejection of Iran's proposal to reopen the Strait of Hormuz. Brent crude oil prices climbed above $106, marking a significant increase of over 3%. The rejection of Iran's proposal to end the conflict and reopen the strategic waterway has brought back the geopolitical premium to oil prices, sparking fears that the Strait may remain closed.
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