Oil prices fall on Hormuz Strait outlook

Oil prices slightly declined today, with Brent crude decreasing by 0.3% to $77.70 per barrel, and West Texas Intermediate dropping by 0.2% to $73.74. This comes amid anticipation of indicators signaling a potential resumption of oil flows through the Strait of Hormuz following US-Iran peace talks, and expectations of a gradual increase in maritime activity supported by signs of diplomatic progress. Meanwhile, US strategic reserves fell to their lowest level since mid-1983, reaching 331.2 million barrels.

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