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Oil prices decline on ceasefire hopes
Oil prices experienced a slight decline during Friday's trading sessions, as the market reacts to prospects of a potential ceasefire between the United States and Iran, alongside escalating Houthi attacks on Saudi Arabia. Brent crude fell by 0.69% to approximately $105.85 per barrel, while West Texas Intermediate decreased by 0.86% to around $93.80. Despite this, prices have risen by 3.4% for Brent and 2.7% for West Texas over the week. Sources anticipate ongoing US-Iran negotiations aimed at reopening the Strait of Hormuz and lifting the economic sanctions. Meanwhile, Saudi Arabia continues to increase oil exports via the East-West pipeline, although tanker loading operations have yet to resume.
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