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CNN Arabic
Oil falls 3% on Strait of Hormuz hopes
The article relates to the decline in global oil prices resulting from discussions between Iran and Oman to establish a temporary shipping corridor through the Strait of Hormuz and to remove mines from the passage. Brent crude oil prices have fallen by 3% to around $86 per barrel, and West Texas Intermediate by 2.8% to $80, despite American threats to impose sanctions on countries refusing to sever ties with Iran. These developments come after weeks of negotiations, during which Iran and Oman proposed creating a temporary maritime corridor, with differing views over the closure of the southern passage considered by the United Nations, in an effort to avoid a potential escalation in the oil market.
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