Oil Holds Above $100 as Middle East Tensions Offset US-Iran Talk Hopes
Crude oil prices remained above $100 per barrel amid escalating tensions across the Middle East. Traders balanced the possibility of US-Iran diplomatic talks against continued instability in the Gulf region. Yemen's Houthi forces carried out strikes targeting Riyadh and a Saudi Aramco facility, further unsettling markets. Shipping traffic through the strategically vital Strait of Hormuz has fallen sharply as conflict in the area persists. The United States and Iran have been engaged in an ongoing exchange of threats spanning more than six months.
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