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Oil retreated from a six-month high on Monday after Oman announced that a third round of talks between Washington and Tehran will continue this week in Geneva.
Tensions have remained on high alert throughout the Middle East for weeks after U.S. President Donald Trump indicated a strike on Iran could be imminent.
Since then, a sense of calm has returned to oil markets, after reports on Friday indicated that any strike would be limited to military installations or government sites, reducing the risk for a protracted conflict between the two countries, and retaliation by Iran towards U.S. bases in the region.
