Oil drops as Hormuz traffic grows

Oil prices declined for the third consecutive day amid increased oil flows through the Strait of Hormuz, amid signs of progress in indirect talks between the United States and Iran. Brent crude was close to $71 per barrel, and WTI around $68, despite oil supplies passing through the waterway exceeding 10 million barrels per day, reflecting Iran's limited ability to halt shipments. An American official also indicated that negotiations are moving in a positive direction, though tensions between Tehran and Washington continue to impact the global market.

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