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Oil Prices Stagnant as Hormuz Traffic Slows Amid Iran-US Conflict

Guavy AI Editorial Team
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Oil
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Oil prices have been stuck in neutral as tanker traffic through the Strait of Hormuz slows down due to stalled US-Iran peace talks.

Brent crude futures rose by 20 cents, or 0.2%, to $88.72 a barrel by 2350 GMT on Monday, while US West Texas Intermediate crude futures fell by 5 cents to $82.35 a barrel.

The oil prices gained more than 5% last week following attacks on tankers operated by Abu Dhabi National Oil Company in the Hormuz strait and on a Saudi Aramco refinery.

Iranian Foreign Minister Abbas Araqchi stated that Iran had not decided to resume talks with the US, while US President Donald Trump urged Americans to accept slightly higher gasoline prices due to the ongoing conflict.

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