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Oil prices climbed more than 1.6% on Tuesday as diplomatic hopes dimmed between Washington and Tehran over reopening the Strait of Hormuz, with President Trump demanding reparations for war damages.
France is exploring Syria as an alternative route for oil shipments to reduce dependence on the Strait of Hormuz, which faces disruption risks from US-Iran tensions. Foreign Minister Jean-Noel Barrot highlighted the strategic importance of diversifying energy corridors.
The International Energy Agency has raised its forecasts for global oil demand and production in 2026, suggesting stronger-than-expected resilience in world energy consumption and supply dynamics heading into the latter half of the decade.