Oil prices fell Friday following a report that U.S. and Iranian negotiators in New York are discussing a phased deal to end the standoff in the Persian Gulf. Brent crude, the international benchmark, lost 1% to $93.66 per barrel, while U.S. WTI fell 0.68% to $105.86. According to Reuters, an Iranian official said the most realistic path would be for Tehran to allow navigation in the Strait of Hormuz in exchange for the U.S. ending its naval blockade. Iran wants the U.S. to return to the framework agreement before the U.S. midterm elections.
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