Oil dips under $80 amid US-Iran talks

Oil prices fell below $80 per barrel following signals of progress in the peace talks between Washington and Tehran, despite ongoing tensions and U.S. threats against Iran. The parties are awaiting a final agreement within 60 days, as technical negotiations continue. Meanwhile, escalating tensions in the Gulf region and the potential closure of the Strait of Hormuz threaten to reduce oil flows, even as millions of barrels of crude continue to pass through.

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