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Oil drop as US-Iran talks advance
Oil prices slightly declined on Friday as markets evaluate mixed factors, including the possibility of reaching a ceasefire between Washington and Tehran, as well as the Houthi missile attacks on Saudi Arabia. Brent crude fell by 74 cents, or 0.69%, to reach $105.85 per barrel, while West Texas Intermediate dropped by 81 cents, or 0.86%, to $93.80. This decline followed a week of sharp fluctuations, during which prices rose on Thursday amid expectations of renewed US-Iran negotiations to revive a nuclear deal that would allow Tehran to reopen the Strait of Hormuz and lift economic sanctions. This optimism contributed to the price increase before reversing today due to ongoing tensions and concerns over the postponement of agreements.
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