Oil steadies amid Strait of Hormuz focus
Oil prices did not see significant changes today as investors focused on oil flows through the Strait of Hormuz following progress in peace talks between the United States and Iran. Brent crude fell to $77.64 per barrel, while West Texas Intermediate declined to $73.69, after dropping more than 3% on Monday following the U.S. announcement of a 60-day waiver for Iran from sanctions. Analysts stated that the temporary easing of sanctions is not expected to significantly impact prices in the short term, given the limited continued passage of ships through the strait and the limited easing of tensions.
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