Oil settles at 1-week high as Hormuz shutdown keeps supply tight
What's new: Brent closed at $96 and WTI at $93.76 as the market weighed stalled US-Iran contacts and a largely shut strait.
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What's new: Brent closed at $96 and WTI at $93.76 as the market weighed stalled US-Iran contacts and a largely shut strait.
Why it matters: Brent jumped as much as 6.5%, fueling inflation worries and pressuring bonds even as AI-linked shares stayed strong.
What's next: Traders are watching for a deal within a week as tanker traffic stays far below prewar levels and keeps a risk premium in crude.