Oil prices settle higher on slow progress in US-Iran peace talks

Oil prices saw a volatile week as hopes for a U.S.-Iran peace deal, which would normalize shipping through the Strait of Hormuz, fluctuated. Despite some positive signals from U.S. officials and Pakistani facilitation, significant gaps remain, particularly on uranium stockpiles. Global oil inventories are depleting rapidly due to the disruption, impacting the global economy and leading to revised price forecasts.

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