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US Treasury: Deal Soon to Reopen Hormuz
The U.S. Treasury Secretary, Scott Bissent, stated that the United States and Iran may reach an agreement within two days to reopen the Strait of Hormuz and ensure the safe passage of commercial ships, under the stipulation of non-imposition of transit fees. This would lead to a significant improvement in shipping activity and a reduction in oil prices. Crude oil futures for American WTI dropped by about 4%, trading below $77 per barrel, with expectations of continued price declines as talks progress and their impact on energy shipments, fertilizers, refined products, and industrial gases.
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