Oil drops on better supplies and US-Iran talks

Oil prices declined today due to improved Gulf supplies following the reopening of a major pipeline, along with hopes for a diplomatic resolution to the crisis between the US and Iran. Brent crude fell to approximately $98.14 per barrel, marking its fifth consecutive session of decline and approaching levels not seen in about two weeks. Expectations of increased supplies and diplomatic developments between Washington and Tehran led to lower oil prices and a cooling of the market.

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