Oil prices vary amid US-Iran talks

Oil prices retreated today, Wednesday, as Brent crude futures fell by 1.2% to $78.44 per barrel before rebounding to $79.97. Meanwhile, U.S. West Texas Intermediate futures declined by 1.4%, reaching $74.70, then narrowed their losses to $75.91. This decline comes amid investor anticipation of the diplomatic efforts to end the conflict between the United States and Iran and to resume shipping through the Strait of Hormuz. Since the start of the week, oil prices have dropped by more than 12% for Brent and 11% for U.S. crude. Experts said that the lack of an agreement so far and rising U.S. inventories are contributing to the falling prices, despite unofficial progress in negotiations. Sources indicate that the main disagreement revolves around regaining control of the maritime passage between Iran and the U.S.

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