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Brent stabilizes amid peace hopes
Brent crude prices fell to their lowest levels since early March, amid growing confidence in the possibility of reaching a peace agreement soon between the United States and Iran. The futures contracts for Brent stabilized at $87.33 per barrel, while West Texas Intermediate closed at $84.88, the lowest since April 17. Analysts expect the market to reach a turning point in late July if oil flows through the Strait of Hormuz are not resumed, which could drive prices to $120–130 per barrel, especially amid declining global inventories and ongoing regional tensions.
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