Oil falls after Trump Iran talks hint

After U.S. President Donald Trump announced upcoming negotiations with Iran regarding its nuclear program and the reopening of the Strait of Hormuz, oil prices sharply declined in Asian markets. Brent crude dropped by 8.28% to reach $82.66 per barrel, while West Texas Intermediate decreased by 5.85% to $79.72. This decline was an immediate reaction to the reduced geopolitical risks associated with the negotiations, and analysts considered that the situation has become less likely to disrupt oil supplies through the Strait of Hormuz, one of the most important routes for global oil transit.

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