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Oil Surges 2% As Putin Orders Partial Mobilization
Brent crude futures jumped $2.28 (2.5% up) to $92.90 by 7:00 GMT, while US West Texas Intermediate crude moved up 2.6% to $86.16 per barrel, but one Singapore-based analyst insisted "It seems like a knee-jerk reaction to a sliver of news and would be liable to further recalibration in the coming hours.”
Washington also reiterated low hopes of reaching a breakthrough in the Iranian nuclear deal that could release Tehran’s output onto the market ahead of an expected third-straight 75 basis point interest hike from the Federal Reserve due Wednesday.
