Oil prices rose due to the blockade of Iran

Brent crude futures rose 7.05% to $101.91 per barrel. U.S. West Texas Intermediate (WTI) crude rose 7.86% to $104.16 per barrel, Reuters reports.

The price spike occurred after negotiations between Washington and Tehran to end the war broke down.

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U.S. President Donald Trump announced the start of a naval blockade and acknowledged that fuel prices could remain high until the midterm elections in November.

Photo: abc.az.

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