Energy Preview: Crude oil prices renew surge as geo-political uncertainties persist

International oil prices renew surge on Tuesday morning in Asia, holding around a one-week high amid heightened uncertainty over a potential deal between the US and Iran to end the war and reopen the Strait of Hormuz. Hopes for a swift agreement have reportedly been dimmed following US President Donald Trump?s issuance of sweeping new demands on Tehran, which include requiring Iran to pay compensation for individuals killed in regional conflicts. Rather than launching new military strikes to force the reopening of the vital shipping route, President Trump indicated a preference for intensifying economic pressure on Iran, as per reports. WTI crude oil is currently seen quoting at $82.34 per barrel, up 0.26% on the day whereas Brent is also holding higher at $87.88 per barrel this morning.

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