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US-Iran Talks Boost Oil Prices as Hormuz Shipping Hopes Rise

Guavy AI Editorial Team
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Oil
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Oil prices dropped by about 5% on Tuesday after both the US and Iran signaled progress in discussions to restore shipping through the Strait of Hormuz.

West Texas Intermediate fell to around $80 a barrel, as hopes rose for an increase in supply from the Middle East.

The specifics of the talks are unclear, but Iran indicated negotiations with Oman to create a 'temporary' route through Hormuz were making progress. However, it denied being in discussions with the US.

US President Donald Trump stated on Monday that the two countries were discussing opening the strait 'literally by tomorrow', and described current negotiations as Iran's 'last chance' after he called off what he said was a major attack.

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