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Oil climbs on Iran Oman talks
Oil prices rose slightly after a diplomatic breakthrough between Iran and Oman regarding navigation routes through the Strait of Hormuz, with expectations of easing tensions in the region. The understanding involved agreements on the geographical coordinates of the transit corridor, which could grant Iran a role in managing vessel movements—one of the biggest concessions made in efforts to end the confrontation with Washington. However, uncertainty remains about the future security of supply and military conflicts, as the U.S. President confirmed that a deal is close, but Washington refuses to allow Iran control over vital passages. Meanwhile, U.S. oil inventories increased as refinery operations declined, which limited the rise in prices.
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