Crude oil futures closed higher on Wednesday with the U.S. serving an ultimatum to Iran to negotiate over its nuclear program and Iran rejecting any talks under threat even while a massive U.S. armada is nearing the Middle East. U.S. President Donald Trump announced that a massive Armada is heading towards Iran. Trump suggested that Iran should begin negotiations regarding its nuclear program and warned that if Iran fails to do so, a U.S. attack this time will be far worse than 2025 strikes. Amid rising war threats, production-and-supply concerns have also increased, lifting oil prices.
Benchmark crude oil futures for March delivery rose $0.82 or 1.31% to settle at $63.21 a barrel on the New York Mercantile Exchange. Brent crude for March delivery increased $0.83 or 1.23% to settle at $68.40 a barrel on London's Intercontinental Exchange.
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