Oil prices have decreased by more than 2% as the US and Iran initiate truce talks. Brent crude is now at $104.30 per barrel, while West Texas Intermediate has dropped to $92.41. These discussions include the potential reopening of the Strait of Hormuz, which could lead to sanction relief for Iran. However, concerns about Saudi oil supply continue to create uncertainty in the market. This situation is crucial for importers and exporters dealing with oil and related products, as price fluctuations can impact costs and contracts. For further details, refer to the original publication on the Times of India website.
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