Oil drops to $87.5 amid Iran talks
Oil prices have fallen after rising for more than a week, with Brent crude decreasing by 0.24% to reach $87.51 per barrel, and West Texas Intermediate dropping to $82.09. This comes amid developments in negotiations between Iran and Oman regarding the future of navigation in the Strait of Hormuz, with a decline in shipping activity to 6 ships compared to the daily average of 11 ships, as risks persist related to the waterways due to Houthi attacks on vessels. Despite diplomatic progress, the market continues to bet against escalation, supporting oil prices remaining above $80.
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