Mumbai, April 29 -- Crude oil is back in rally mode, with WTI futures climbing toward $104 per barrel, extending gains for a third straight session as global supply concerns deepen. The spotlight is firmly on the Strait of Hormuz-a critical artery for nearly 20% of the world's seaborne oil-which remains effectively shut amid escalating tensions. Stalled negotiations between the US and Iran have dampened hopes of a quick resolution, with Donald Trump confirming that Iran is pushing for relief from the ongoing naval blockade. But with disruptions stretching into their ninth week since the February conflict outbreak, energy markets are bracing for prolonged tightness. Earlier optimism from ceasefire talks had briefly cooled prices, but fading ...
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