Oil Prices Jump Over $2 on Iran Diplomatic Stalls
Oil prices jumped more than $2 after Iran dampened hopes of diplomatic progress with the United States. Brent crude reached near five-month highs amid falling US inventories and ongoing geopolitical tensions.
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Brent Crude Oil prices rose $2.06 to $110.85 a barrel during Wednesday morning trade after Iran dismissed diplomatic progress with the United States(). The advance keeps the global benchmark near five-month highs set in the previous session. Declining domestic crude inventories provided additional support to energy markets.
