Brent crude futures ended last week down more than 7%, even as prospects for a quick reopening of the Strait of Hormuz faded. A deal between Washington and Tehran to unblock the vital maritime chokepoint has not materialized, with Iran demanding that the United States meet several preconditions. President Donald Trump indicated that the administration was favoring economic pressure over immediate military strikes. Brent crude was trading around $88 per barrel on Tuesday, well below the peak above $110 recorded in May, but analysts warn prices could reach $120-140 if the deadlock extends into the fourth quarter.
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