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Oil Prices Rise on Iran-Oman Strait Talks; WTI Gains 1.1% to $76.61 on August 5

GateNews
Commodities

According to Jin10, crude oil futures rose on August 5 as markets responded to reports of potential negotiations between Iran and Oman regarding ship passage through the Strait of Hormuz. WTI crude climbed 1.1% to $76.61 per barrel, while Brent crude advanced 1.77% to $80.76 per barrel.

Sources indicated that any agreement between Iran and Oman would focus only on bilateral coordination of shipping procedures and would not guarantee immediate reopening of the strait. The reopening remains contingent on the United States addressing Iran's stated compliance concerns, according to the sources.

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