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Oil steadies amid Iran conflict talks
Oil prices slightly increased at the opening of trading as investors assessed the prospects for ending Iran's war and reopening the Hormuz Strait. Brent contracts rose by 0.6% to $79.43 per barrel, while West Texas Intermediate increased by 0.6% to $76.53. This follows a sharp decline of about 5% yesterday, driven by hopes of a potential agreement between the US and Iran to resume oil flows, although it’s noted that restoring production levels to pre-war levels could take months or years. These developments come amid ongoing regional tensions, including Israeli airstrikes on Lebanon and Trump's protests over Israeli military tactics.
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