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Oil prices fall amid talks to open the Strait of Hormuz

Global oil prices have fallen after senior US officials said progress had been made in talks to reopen the Strait of Hormuz amid uncertainty in West Asia.

By · · GlobalToday24x7

Oil prices have fallen in global markets after senior US officials said there was progress in talks to reopen the Strait of Hormuz amid uncertainty in West Asia.

Yesterday, the price of Brent crude, the international benchmark, fell by about 5 percent to below US$80 per barrel. Meanwhile, the price of US West Texas Intermediate (WTI) crude fell by more than 5 percent to around US$76 per barrel.

Both crude oil prices have fallen to their lowest levels since July 15. Market developments suggest that concerns about global oil supply have eased somewhat due to the possibility of the Strait of Hormuz opening.

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