Oil prices remained slightly lower on Wednesday as markets watched diplomatic efforts between the United States and Iran. Brent crude was around $99.18 a barrel, while WTI crude stood near $90.17, with hopes of progress in discussions at the United Nations helping limit concerns over prolonged supply disruptions.
The conflict continues to affect energy and shipping markets, with the Strait of Hormuz and regional supply infrastructure remaining important points of focus. Saudi Arabia has also started restoring crude supply through a key pipeline to the Red Sea, providing some relief to the oil market.
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