Oil prices rose after Iran and Oman reached an agreement on a shipping route through the Strait of Hormuz, a strategic waterway critical for global oil shipments. This understanding suggests a temporary easing of geopolitical tensions in the region, contributing to higher crude prices. Market participants are pricing in an increased likelihood of crude oil reaching a new all-time high by the end of September, amid anticipation of a potential U.S.-Iran deal to reopen the strategic passage. OPEC and the IEA will play significant roles in shaping future market expectations.
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