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Oil prices fell by over a dollar per barrel amid hopes for diplomatic negotiations to ease tensions in Ukraine and the Middle East. Brent crude dropped to $91.62, while WTI fell to $85.49. Investors are closely monitoring peace talks and oil transport through the Strait of Hormuz. Recent negotiations between Russia and Ukraine resulted in a prisoner exchange but did not resolve key territorial disputes. Meanwhile, U.S.-Iran discussions may reduce tensions, although Iran remains firm on its nuclear stance. Increased oil production from OPEC+ and rising U.S. crude inventories are also contributing to price pressures.

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