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Commodities

Iran-Oman Talks Send Oil Prices Down 2% Amid Easing Tensions

Guavy AI Editorial Team
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Oil
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Oil prices dropped 2% on Wednesday after Iran announced it had resumed talks with Oman to manage the Strait of Hormuz, a key waterway for global oil shipments.

The development comes as Iran faces heightened economic pressure from US President Donald Trump, who has expanded sanctions aimed at cutting off Tehran's economic lifeline.

Despite ongoing tensions, the US is beginning to send personnel back to some diplomatic missions in the Middle East that were evacuated or downsized amid tensions with Iran.

Brent crude futures fell $1.78, or 2%, to $86.80 a barrel by 0027 GMT, while US West Texas Intermediate crude futures were down $1.49, or 1.8%, at $80.87.

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