Oil drops third day amid Hormuz talks
Oil prices continued their decline for the third consecutive day due to political developments related to indirect negotiations over the Strait of Hormuz. Qatar announced progress between Iran and the United States. The futures contracts for U.S. West Texas Intermediate (WTI) crude oil reached $67.76 per barrel, down by 1.20%, while Brent crude fell to $70.75, down by 1.15%. Analysts expect that any political progress on the issue could help ease tensions and impact energy markets.
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