Oil gains limit amid Middle East peace hopes

Oil prices indicate a modest decline amid hopes of reaching a peace agreement in the Middle East, especially regarding the re-opening of the Strait of Hormuz, which aims to reduce tensions between the United States and Iran. Meanwhile, tensions related to trade and disputes in the region continue. There are expectations of a temporary agreement to reopen the strait, an effort aimed at boosting global oil supplies, following a drop in U.S. inventories and a decrease in oil prices by approximately 0.3% to 0.4%, although markets are still awaiting the results of official inventory data.

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