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Oil falls as Strait of Hormuz talks commence
Oil prices have fallen by more than two dollars per barrel, amid optimism about the potential reopening of the Strait of Hormuz following Iran's announcement of renewed talks with Oman regarding the management of the strategic waterway and the removal of navigational restrictions affecting regional oil supplies. Futures for Brent crude declined by 2.6% to $86.28 before trimming their losses to settle at $86.74. West Texas Intermediate crude fell by 2.53% to $80.29 before slightly recovering to $80.44. These movements come after a sharp decline of over 35% on Tuesday, reflecting ongoing geopolitical tensions and diplomatic efforts concerning the management of navigation through the strait, which previously handled about one-fifth of global oil exports before the recent escalation.
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