WEB DESK: Global oil prices edged lower on Tuesday, adding to the previous session’s declines as traders assessed the impact of recent US-Iran peace talks and awaited clearer indications regarding the normalization of oil shipments through the Strait of Hormuz.
International benchmark Brent crude slipped by 20 cents, or 0.3 percent, to trade at $77.70 per barrel. Meanwhile, US West Texas Intermediate (WTI) crude fell 12 cents, or 0.2 percent, reaching $73.74 per barrel by 0323 GMT.
Market participants remained focused on developments in the strategically important Strait of Hormuz, a key route for global energy supplies, with expectations that improved regional stability could help reduce concerns over potential disruptions to crude exports.
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