Oil prices dip amid cautious outlook

Oil prices registered a slight decline today after the market assessed the possibility of reaching a ceasefire between the United States and Iran. Brent crude fell by 0.69% to reach $105.85 per barrel, while West Texas Intermediate declined by 0.86% to $93.80. Although early trading was subdued, the markets experienced sharp fluctuations and price increases yesterday following negotiations between the two sides in New York. These talks envisioned reopening the Strait of Hormuz and lifting the economic sanctions on Iran in an effort to end the ongoing conflict between them.

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