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[MARKET UPDATE] Energy rises as Iranian source suggests there are no current talks on extending US-Iran ceasefire; Brent rises from USD 88.65 to USD 89.40/bbl over two minutes before trimming to USD 89.09/bbl

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Brent crude spiked to $89.40 after an Iranian source denied ceasefire extension talks, contradicting recent optimistic reports from mediators and highlighting deep-seated US-Iran friction over the Strait of Hormuz.

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Geopolitics

There are no discussions over extending the ceasefire between the US and Iran, according to reports citing a senior Iranian source; one issue being discussed is the US returning to the MoU and defining a time frame for implementation

Commodities

IEA OMR: Oil Market in a 1.8mln bpd deficit in Q3 (prev. forecast 800k bpd), Sees World Oil Supply 1.27mln bpd lower than demand in 2026 (prev. 860k bpd)

Geopolitics

Pakistan's Foreign Ministry says there is a possibility of extending the 60-day MOU period between the US and Iran. Note, some reports citing sources suggest that the sides have "agreed" to extend the ceasefire.