Oil dips as Hormuz talks continue

Oil prices declined after previous gains, amid optimism that diplomatic efforts between Tehran and Washington could continue to resolve the conflict over the Strait of Hormuz and lift the blockade on Iranian ports, despite the slowdown in reaching a final agreement. Additionally, U.S. oil inventories unexpectedly increased by 3 million barrels to reach 426.4 million barrels, while fuel inventories decreased during the same period. The oil markets are also being affected by the risk of imposing American restrictions on diesel exports for 90 days.

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