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Oil prices rise after Trump warns 'clock is ticking' on Iran peace talks
Key takeaways
- The global benchmark Brent crude was 1.85% higher at $111.28 (£83.61), while US-traded oil was up by 2.32% at $107.87.
- Energy markets have been on a wild ride after Iran effectively closed the key Strait of Hormuz waterway in retaliation for US and Israeli strikes on the country, which started on 28 February.
- Around a fifth of the world's oil and liquefied natural gas (LNG) usually passes through the narrow shipping route.
Peter Hoskins Business reporter Hindustan Times via Getty Images Oil prices rose on Monday morning in Asia after US President Donald Trump warned Iran the "clock is ticking" as talks to bring the war to an end have stalled.
The global benchmark Brent crude was 1.85% higher at $111.28 (£83.61), while US-traded oil was up by 2.32% at $107.87.
Energy markets have been on a wild ride after Iran effectively closed the key Strait of Hormuz waterway in retaliation for US and Israeli strikes on the country, which started on 28 February.
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