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Commodities

Trump's Iran Talks Spark Oil Price Drop

Guavy AI Editorial Team
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Oil
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Oil prices continued to fall on Tuesday as US President Donald Trump signaled progress in talks with Iran. According to Kyodo News, citing a senior Iranian official, Iran could reopen the Strait of Hormuz within seven days if Washington eases military pressure and lifts its blockade of Iranian ports.

Trump's statement that 'the Iran meeting went very well' and described it as 'very productive' added to the optimism. He also mentioned that another meeting is scheduled for the near future.

The developments have raised hopes that shipping through the Strait of Hormuz will resume, with only two commodity vessels crossing the waterway on Monday, down from 10 on Sunday. Before the Iran war, around 125 large commercial vessels crossed the Strait daily.

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