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The development raised fears of potential disruptions to global crude supply through the key shipping route.
WTI crude oil price surged 7.69% to $104 amid fears of supply disruptions.
KEY POINTS
- US negotiators left Pakistan after failing to secure a nuclear deal with Iran.
- Chevron lost about 6% of global production in the first quarter, per Bloomberg.
- Chevron is trading 4.3% below its 20-day SMA, indicating short-term weakness.
COMPANIES
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