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Against the backdrop of volatile geopolitical risk, US oil futures rose more than 1% to $96.82 per barrel.
The move was driven by the prospect of potential negotiations between the United States and Iran, which provided a brief reprieve in the broader energy complex.
This price action underscores the sector-wide sensitivity to diplomatic developments in the Middle East, where supply disruptions remain the primary concern for desks managing exposure to crude benchmarks.
The immediate reaction suggests that the market is pricing in a de-escalation scenario, even as the physical delivery of barrels remains the ultimate arbiter of value.
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