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Crude Oil Prices Fall as Market Awaits Further Developments in U.S.-Iran Peace Talks

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Crude oil prices fell as the market continued to wait for developments in U.S.-Iran peace talks, which are said to be in the final stages.

Brent crude at last look lost 0.2% to US$104.80/barrel and West Texas Intermediate crude was down 0.8% to $107.77/barrel. U.S. President Donald Trump said talks are in the final stages and that he could wait a few days for "the right answers" from Iran, Reuters said in a Thursday report.

Tehran said it was reviewing Washington's latest responses but warned against further attacks, the report said. The Strait of Hormuz, a critical waterway for energy supplies, remains effectively closed as Iran unveiled steps entrenching its control of the strait.

Iran on Wednesday announced a new "Persian Gulf Strait Authority," saying there would be a "controlled maritime zone" in the Strait of Hormuz, Reuters reported.

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