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Oil drops amid Strait of Hormuz focus
Oil prices declined today, Tuesday, with Brent crude dropping to $77.70 per barrel and West Texas Intermediate falling to $73.74. This came amid growing expectations of a return of oil flows through the Strait of Hormuz following talks between the United States and Iran. The fluctuations followed the US granting Iran a 60-day waiver from sanctions, amid a decrease in hostilities in the region, which impacted the market. The market remains influenced by uncertainties regarding diplomatic progress and the risk of escalation, alongside expectations that US oil inventories will fall to their lowest levels since 1983.
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