Oil gains with stable supply and US-Iran talks

Oil prices slightly increased as supplies were secured ahead of the US Independence Day holiday, with Brent crude closing at $71.80 per barrel and West Texas Intermediate rising to $68.69. Meanwhile, diplomatic efforts between the United States and Iran, mediated by Qatar, continue in an attempt to end the war that has halted oil shipments through the Strait of Hormuz. Despite ongoing tensions, the market still anticipates a gradual recovery of supply, as American inventories have fallen to their lowest levels since 2018.

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