Oil falls 1% amid better Strait flow

Oil prices declined by more than 1% on Tuesday, as crude flows through the Strait of Hormuz improved following talks between the United States and Iran. Brent crude fell to $76.81 per barrel, while West Texas Intermediate dropped to $72.99. Shipping activity through the strait showed signs of recovery after a decline, but concerns remain due to tensions between Washington and Tehran. Meanwhile, expectations are high that U.S. oil inventories will decrease to the lowest levels since 1983.

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