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Analyst: Signs of Hope in US-Iran Talks, Short-term Relief for Oil Prices

AirdropBlackHole
On May 25, during the early Asian trading session on Monday, both US and Brent crude oil prices fell to two-week lows due to market optimism that the US and Iran are nearing a peace agreement, despite ongoing disagreements on key issues including the blockade of the Strait of Hormuz. US President Trump stated on Saturday that Washington and Tehran have 'essentially agreed' on a memorandum of understanding for a peace agreement that would reopen the Strait of Hormuz. However, there are still significant differences on several contentious issues, and Trump indicated on Sunday that he has instructed his representatives not to rush into any agreement with Iran. Saul Kavonic, an energy analyst at MST Marquee in Sydney, noted, 'Although there are still many uncertainties and risks surrounding the peace agreement and the Strait of Hormuz, there are signs of hope, which will bring some relief to short-term oil prices.' However, analysts expect that normal oil transportation through the strait and the repair of damaged oil and gas facilities will take several months.
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