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Oil Prices Dip as Iran-Oman Talks Fuel Hopes for US-Iran Peace Deal

Guavy AI Editorial Team
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Oil prices dropped on Thursday as investors considered whether progress in Iran-Oman talks could lead to a US-Iran peace deal, ending the five-month conflict and reopening the Strait of Hormuz.

Brent crude futures declined by 37 cents, or 0.5%, to $79.08 per barrel, while U.S. West Texas Intermediate futures fell by 53 cents, or 0.7%, to $74.69 per barrel.

The price drop brought oil back to the levels seen when the US and Iran signed an interim peace agreement on June 17. Economists are watching closely for a final deal, with some hoping that it could lead to a reduction in tensions and increased oil production.

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