Crude Oil Steadies Below $80 Amid US-Iran Talks Over Strait of Hormuz

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Oil prices edged up on Wednesday after several consecutive sessions of losses, as markets remained cautious over the ongoing US-Iran standoff. Diplomatic negotiations are reportedly progressing, with mediators working to resolve the conflict and reopen the strategically vital Strait of Hormuz. The potential disruption to this key shipping lane has kept investors on alert despite the slight price recovery. US crude and gasoline inventories rose last week, though distillate stockpiles recorded a decline during the same period.

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