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Commodities

Oil Prices Retreat as Hormuz Talks Stall

Guavy AI Editorial Team
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Oil
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Oil prices pared gains on Tuesday after hitting their highest in over a week due to mixed signals from talks between Oman and Iran over shipping through the Strait of Hormuz.

Talks are now at an advanced stage, according to Qatar's foreign ministry spokesperson, but progress remains uncertain.

Brent crude futures fell 21 cents, or 0.24%, to $87.51 a barrel by 1138 GMT, while U.S. West Texas Intermediate crude futures were down 4 cents, or 0.05%, at $82.09.

Fawad Razaqzada, analyst at City Index and FOREX.com, said that any signs of de-escalation would be bad news for oil prices.

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