Oil steady with Brent up 1% and U.S. crude 2%

Oil prices increased today, with U.S. WTI crude rising by 2% to reach $78 per barrel, and Brent crude climbing by 1% to $84. This comes amid ongoing geopolitical uncertainty that dominates the markets. The rise is attributed to concerns about the future of oil supplies, particularly concerning the Strait of Hormuz, along with statements from U.S. President Donald Trump indicating a shift towards an economic pressure strategy on Iran rather than military action. Additionally, negotiations over reopening the Strait have faced setbacks. Heightened tensions due to Iran's escalating measures continue to fuel worries about potential disruptions to oil tanker movements and the impact on global energy prices.

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