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Oil prices have fallen again amid hopes of a breakthrough in negotiations between Washington and Tehran over reopening the Strait of Hormuz, with assurances of progress in diplomacy. Iran has reaffirmed its ability to control the strait and announced an agreement with Oman on coordinates for a passage through it, raising concerns about potential escalation of tensions in the region. Iranian threats remain, contingent on opening the strait, as diplomatic and military developments continue regarding the situation in the Persian Gulf.
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