Oil falls after US, Iran talks conclude in Doha

Oil prices dipped as Qatar reported positive progress in indirect Iran-U.S. talks concerning the vital Strait of Hormuz. Despite recent exchanges, tanker traffic is recovering, with U.S. officials noting a return to pre-war levels. This, coupled with anticipated OPEC+ output hikes and a smaller-than-expected draw in U.S. crude inventories, is fueling expectations of oversupply and pushing prices lower.

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