Oil Prices Waver as Traders Hope the Strait of Hormuz Will Reopen

Oil prices are fluctuating as traders await the outcome of a meeting between US and Iranian officials in Switzerland. The meeting, scheduled for Friday, is expected to result in the signing of an initial agreement and the start of a 60-day cease-fire. Traders are hopeful that a resolution will lead to the reopening of the Strait of Hormuz, a crucial oil shipping route. A positive outcome could potentially stabilize oil prices and alleviate supply concerns.

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