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Oil Prices Plummet as Trump Signals Progress in Iran Talks and OPEC+ Hikes Output

Guavy AI Editorial Team
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Oil prices dropped sharply on hopes of easing tensions in the Middle East after US President Donald Trump signalled progress in talks with Iran. WTI crude slipped below $80 a barrel, while Brent crude edged closer to the same mark.

The decline came as Trump announced that an agreement had been reached regarding the Strait of Hormuz and that denuclearisation talks with Iran would commence on Monday afternoon. However, there has been no independent confirmation of any Hormuz agreement, and Iran has challenged Trump's claims.

OPEC+ has approved another production increase for August, raising output by 188,000 barrels per day despite ongoing pressure on oil prices. This move is driven by improving global supply conditions and weaker demand from China.

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