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Oil Gains on Strait Reopening Hopes
Oil prices slightly increased, following reports of negotiations between Iran and Oman over a temporary maritime route through the Strait of Hormuz. However, US-Iran talks remain inconclusive, which limited gains despite improved prospects for a partial reopening of the strait. Fears of supply disruptions eased somewhat, but the risks of geopolitical tensions remain, amid fluctuations in U.S. stockpiles and tightening in fuel markets.
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