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US-Iran Hopes Weigh Down Oil Prices Amid Rising Crude Stocks

Guavy AI Editorial Team
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Oil
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Oil prices declined on Thursday as hopes for a potential US-Iran peace agreement rose. Recent talks may pave the way for an end to the five-month war and reopen the Strait of Hormuz.

Brent crude futures fell by $0.37, or 0.5%, to $79.08 a barrel, while US West Texas Intermediate (WTI) futures declined by $0.53, or 0.7%, to $74.69 a barrel.

In other news, US crude stocks increased as refineries eased processing and imports rose. According to the Energy Information Administration, crude inventories rose by 2.5 million barrels to 407 million barrels in the week ended July 31.

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