Negotiations between Tehran and Muscat are progressing regarding the reopening of the Strait of Hormuz, a strategic passage for global oil exports. Iranian official Ali Reza Beghai stated that the strait’s status remains unchanged. Market participants are interpreting the talks as a potential easing of tensions, which could lead to lower oil prices. The probability of WTI Crude Oil reaching higher price targets in July has decreased, reflecting cautious sentiment among investors.
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