Oil near $90 as Hormuz navigation indicators fade
Oil prices rose today amid fading hope for rapid progress in the US-Iran peace negotiations and a slowdown in oil tanker movements through the Strait of Hormuz. Brent crude futures neared $89, while US crude increased to $82, amid growing geopolitical concerns due to attacks on oil tankers and shipping disruptions following worsening international tensions. Oil inventories remain at risk of increasing tensions, especially as talks between Washington and Tehran remain stalled.
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