Oil hits three-week low
Oil prices have dropped significantly, with Brent reaching $80.66 per barrel after a decline of $3.11. Similarly, West Texas Intermediate has fallen to $76.76 after a decrease of $3.58, marking their lowest levels since July 13. This decline is attributed to statements confirming that a diplomatic solution to the Middle East conflict between the United States and Iran is imminent, along with coordinated mediation efforts led by Qatar, Pakistan, and Oman. Additionally, there are expectations that an agreement will soon be reached to reopen the Strait of Hormuz.
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