Oil prices have surged, with Brent crude exceeding $104 per barrel amid diminishing hopes for deescalation in the conflict involving Iran. Iran’s Foreign Minister stated that the country is not engaged in direct talks with the U.S., contradicting earlier reports of negotiations. The ongoing conflict has led to a significant disruption in oil shipments through the Strait of Hormuz, exacerbating global energy prices, which have risen over 40 percent since the onset of strikes by the U.S. and Israel on February 28.
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