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Oil prices fall on Strait hopes
The opening of the Strait of Hormuz has led to a decline in oil prices, with Brent crude trading around $78 per barrel and West Texas Intermediate close to $74, after losses exceeding 10% over two days, due to optimism about the possibility of reaching an agreement to reopen the strait. Negotiations between the United States and Iran are ongoing, with progress in talks; Qatar has proposed a temporary solution, and Iran discussed permitting European countries to clear mines from the strait. Meanwhile, prospects for a short-term agreement to restore navigation remain, despite no definitive resolution yet. Diplomatic efforts are also advancing regionally, amid declining US oil inventories and rising storage levels at Cushing. Analysts suggest that any potential agreement may be partial, which could impact global oil markets.
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