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The US-Iran negotiations, this script is too familiar, oil prices will still fluctuate before the agreement is finalized, so let's wait and see.
Market expectations of the US and Iran possibly reaching an agreement to end the conflict have increased, hinting that the Strait of Hormuz may reopen.
If a formal agreement is reached and supplies are quickly restored, the downward trend in oil prices may continue.
The Strait of Hormuz accounts for about one-fifth of global oil and LNG transportation; the US insists on maintaining the blockade until an agreement is reached, which introduces market uncertainty.