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Oil Prices Rise Amid US-Iran Talks, Sanctions, Hormuz Threat

5/12/2026

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Summary

Story summary

Oil prices rose in Asian trade as U.S.-Iran ceasefire talks kept supply concerns high, with Brent $104.51 and WTI $98.38.
Saudi Aramco CEO Amin Nasser warned Hormuz disruptions could delay market stability until 2027 and cut about 100 million barrels weekly.
Washington sanctioned three individuals and nine companies for moving Iranian oil to China while the United Arab Emirates (UAE) struck an Iranian refinery on Lavan Island.

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Story summary

Oil prices rose in Asian trade as U.S.-Iran ceasefire talks kept supply concerns high, with Brent $104.51 and WTI $98.38.
Saudi Aramco CEO Amin Nasser warned Hormuz disruptions could delay market stability until 2027 and cut about 100 million barrels weekly.
Washington sanctioned three individuals and nine companies for moving Iranian oil to China while the United Arab Emirates (UAE) struck an Iranian refinery on Lavan Island.