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Oil Gains as Strait Talks Continue
Oil prices rose today, Thursday, to around $80 a barrel amid growing concerns over the outcomes of talks between Iran and Oman regarding a maritime route through the Strait of Hormuz, which could impact oil flows through the strait. Iran has announced that it has reached an understanding on the geographic coordinates of the waterway, amidst fears of military escalation or diplomatic stalemate, as the market faces risks related to military activity and maritime transportation in the Gulf region. The agreement between Iran and Oman, which grants Iran control over passing ships, is likely one of the biggest concessions Tehran has made, while American officials insist on preventing Iran from controlling vital oil traffic in the area.
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