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Iran-Oman Talks Advance, WTI US Oil Price Drops Amid Uncertainty

Guavy AI Editorial Team
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The price of West Texas Intermediate (WTI) US Oil fell by 1.281% on Tuesday, dropping to around $80.40.

This decline comes after reports emerged that talks between Iran and Oman regarding the Strait of Hormuz have reached an advanced stage.

Qatar's Foreign Ministry stated that negotiations are at a 'critical juncture' and expressed support for any agreement that guarantees the security of the Strait and freedom of navigation.

The uncertainty surrounding a potential reopening of the Strait, through which nearly one-fifth of global energy supply flows, had previously driven up Oil prices.

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