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Crude Oil Prices Jump After U.S., Iran Exchange Strikes, Dimming Ceasefire Hopes

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Crude oil prices climbed on Monday following an exchange of strikes between the U.S. and Iran and an escalation of hostilities between Israel and Lebanon.

Brent crude at last look rose 3.3% to US$94.13/barrel and West Texas Intermediate crude gained 4% to $90.87/barrel. This comes after the U.S. said it conducted "self-defense" strikes in Goruk and Qeshm Island and Iran's Islamic Revolutionary Guard Corps said its aerospace force targeted an air base, Reuters said in a Monday report.

Meanwhile, Israel reportedly ordered troops to move further into Lebanon as it fights Tehran-backed Hezbollah, according to Reuters.

Hopes of an extension to the ceasefire between the U.S. and Iran have diminished amid the developments, despite Israel-Lebanon peace talks on Friday hosted by Washington, the report said.

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