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Oil Prices Jump as Renewed US-Iran Negotiations Spark Supply Concerns

Guavy AI Editorial Team
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Oil prices edged higher on August 4 as investors closely watched developments in renewed US-Iran negotiations. Brent crude topped $84 per barrel, while WTI neared $81.

The potential for the full reopening of the Strait of Hormuz is a key factor driving oil prices. US President Donald Trump stated that his proposal for talks with Iran was their 'last chance' to reach an agreement and sign a deal to end the five-month conflict.

However, Iranian officials denied reports of direct negotiations with the US, although they acknowledged progress in discussions with Oman aimed at boosting shipping through the strait.

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