Oil prices surged sharply on Tuesday, with U.S. West Texas Intermediate crude reaching $84.36 per barrel, up 2.7%, while Brent crude settled at $89.94 per barrel. U.S. crude oil stockpiles have dropped to their lowest level in over forty years, heightening supply concerns. Negotiations between the United States and Iran for a full reopening of the Strait of Hormuz appear increasingly unlikely, with both sides now demanding reparations. ING strategists note that the oil market remains heavily headline-driven, leaving prices volatile and risks skewed to the upside.
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