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The information provided on EL7.AI is for educational and informational purposes only and does not constitute financial advice.
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Sign InCrude oil prices continued their downward trend as diplomatic negotiations between the United States and Iran in Geneva showed signs of progress. Oman, acting as a mediator, stated that the talks are advancing, which has significantly eased market fears regarding a potential Middle East supply shock. WTI Crude fell by 1.61% to trade at $64.38 per barrel, while Brent Crude dropped 1.27% to settle at $69.96 per barrel. The prospect of a revived nuclear deal suggests a potential lifting of sanctions, which would allow Iranian crude to return to global markets. Investors are increasingly concerned about a supply surplus, especially as recent EIA data reinforced the prevailing bearish sentiment. The combination of diplomatic optimism and high inventory levels continues to weigh heavily on energy benchmarks.