Quartz·1 min read·easy
Oil surged as Iran set sweeping demands before the Strait of Hormuz can reopen
✦AI Summary
Global oil prices rose by approximately 3% following Iran's announcement of strict conditions for reopening the Strait of Hormuz. Tehran is demanding the lifting of U.S. sanctions and the payment of reparations.
Oil rose about 3% on Monday after Tehran said the U.S. must lift its blockade, end sanctions, and pay reparations before the strait can reopen
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