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(Bloomberg) — Oil held the bulk of a sharp gain after tensions flared across the Middle East, with the US and Iran exchanging fire amid renewed attacks on energy infrastructure and vessels in and around the Strait of Hormuz.
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US marker West Texas Intermediate traded near $105 a barrel, after surging by more than 4% on Monday, as global benchmark Brent closed above $114. The US military fought off Iranian attacks as it guided two US-flagged vessels through the critical waterway, according to US Central Command. In the United Arab Emirates, an oil terminal in Fujairah port was struck.
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The moves — which came as the US sought to clear a path through Hormuz for vessels that have been stranded by the war — cast doubt on the fate of a four-week ceasefire between Washington and Tehran. US Defense Secretary Pete Hegseth is scheduled to hold a press conference on Tuesday.
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US crude has rallied by more than 80% this year as the conflict deprived the market of millions of barrels of crude, with the strait still all-but-impassable to most vessels and wells shut-in around the region. The waterway has been subject to a double blockade, with Tehran seeking to prevent ships from transiting, while Washington stops boats sailing to or from the Islamic Republic.
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Still, Iranian Foreign Minister Abbas Araghchi said that talks with Washington were “making progress” but the US and the UAE “should be wary of being dragged back into quagmire by ill-wishers,” according to a post on X. Events in Hormuz made clear “there’s no military solution to a political crisis,” he added.
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President Donald Trump said the war — which began at the end of February — may last for another two to three weeks, according to an interview with Salem News Channel. “Time is not of the essence for us” in making a deal with Iran, he said.
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“The market upshot is further indications that so long as there is no deal between the US and Iran, the strait is likely to remain closed,” said Gregory Brew, geopolitical analyst at the Eurasia Group. “That means continued upward pressure on oil prices.”
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—With assistance from Charles Gorrivan.
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