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Oil prices climb as Iran and Oman talks weigh on markets
Oil prices rose today, Thursday, amid investor anticipation of the outcomes of discussions between Iran and Oman regarding a maritime route through the Strait of Hormuz and whether these will lead to the resumption of oil flows through the strait. Brent crude increased by 0.60% to reach $79.93 per barrel, and West Texas Intermediate gained 0.39% to settle at $75.51 per barrel. This comes after statements from Iran and Oman indicating an understanding regarding the maritime route, with concerns that any agreement could be fragile—especially after Tehran made concessions related to vessel control in the Gulf. The market remained cautious, with ongoing monitoring of supply volume increases and expectations that full stability will only be achieved if volume increases continue.
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