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Oil prices surged more than 1% on Tuesday as negotiations between the US and Iran deteriorated over compensation demands, threatening efforts to reopen the strategic Strait of Hormuz and raising regional supply concerns.
Qatar's Prime Minister Sheikh Mohammed bin Abdulrahman Al Thani has appealed to Gulf neighbours to coordinate implementation of a US-Iran peace agreement, as regional tensions remain volatile following recent military exchanges.
US Secretary of State Marco Rubio has reaffirmed America's willingness to pursue negotiations with Iran, while cautioning that Tehran must show genuine commitment to talks for discussions to move forward.