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Crude oil prices climbed 2.1% after US President Donald Trump rejected reviving a June nuclear accord with Iran, closing diplomatic pathways and heightening regional uncertainty that supports energy markets.
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OPEC+ will hold separate meetings on Sunday to determine September oil production targets. Seven member states implementing voluntary cuts are expected to raise output by 188,000 barrels daily, effectively ending additional production restrictions.
Oil prices tumbled roughly 5% to two-week lows Tuesday as markets responded to a temporary pause in US-Iran hostilities. However, underlying geopolitical risks and shipping disruptions continue to weigh on broader energy markets.