The Strait of Hormuz is opening, will oil prices drop first?

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According to Bloomberg, U.S. President Donald Trump stated that negotiations to reach a peace agreement with Iran are "roughly complete," pending final confirmation from the United States, Iran, and other relevant countries. He plans to announce the agreement soon to reopen the Strait of Hormuz. Iran previously indicated that negotiations with the U.S. regarding the peace agreement are making progress, with the current focus on ensuring a ceasefire on all fronts, and other major disputes will be addressed in subsequent stages.
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