Crude oil prices extend gains amid uncertainty over US-Iran negotiations. What’s near-term outlook?

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US-Iran war: Oil prices continued their winning streak on Tuesday, 12 May, after US President Donald Trump raised doubts over a ceasefire with Iran by rejecting Tehran’s latest peace proposal, extending the effective shutdown of the crucial Strait of Hormuz. Brent crude traded near $105 a barrel after gaining 2.9% in the previous session, while West Texas Intermediate hovered near $99. Back home, crude oil prices on the Multi Commodity Exchange (MCX) also witnessed a similar upward movement. MCX crude oil prices rose nearly a per cent to ?9,449 per barrel today. What’s driving crude oil prices today? Trump, on…

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