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Commodities

WTI Oil Price Drops 2.6% Amid Hopes for Strait of Hormuz Deal

Guavy AI Editorial Team
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The price of WTI (West Texas Intermediate) crude oil fell by 2.6% to $80.20 on Wednesday, following hopes for a deal on the Strait of Hormuz.

The Strait of Hormuz is a crucial waterway that connects the Persian Gulf to the Gulf of Oman and plays a significant role in global oil trade.

Hopes for a deal were sparked after Iran and Saudi Arabia agreed to de-escalate their tensions, which had been causing concerns about supply disruptions.

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