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Oil Prices Plummet as Hopes Grow for Strait of Hormuz Reopening

Guavy AI Editorial Team
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Oil prices plummeted on Wednesday to their lowest levels in over two weeks as renewed hopes for the reopening of the Strait of Hormuz fueled expectations that shipping restrictions affecting regional energy supplies could ease.

The Brent crude futures dropped $2.73, or 3.08%, to $85.85 a barrel by 10:12 GMT, while US West Texas Intermediate (WTI) crude futures fell $2.21, or 2.68%, to $80.15 a barrel.

Iran held fresh talks with Oman over the management of the Strait of Hormuz, which has remained closed for nearly six months due to conflict.

Oman's foreign minister expressed hope that a temporary corridor through the waterway could be announced soon.

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