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Middle East diplomatic solutions are hoped to boost oil prices, with Brent and WTI crude turning positive during the session
Middle East diplomatic solutions are hoped to boost oil prices, with Brent and WTI crude turning positive during the session. Earlier, oil prices had fallen by about 1% on Tuesday. Brent crude futures rose 0.4% to $116.24/barrel, and US WTI crude rose 0.3% to $102.07/barrel. Analysts noted that Monday's talks in Tehran between Iranian officials and representatives from Saudi Arabia, Turkey, and Pakistan eased market concerns about an expanding Middle East supply shock and boosted hopes for a breakthrough to de-escalate regional tensions. Iran stated it would continue discussions with the three countries amid escalating tensions.
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