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Update: WTI Oil Falls to a Near Four-Month Low as Tankers Begin to Move Through the Strait of Hormuz

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(Updates oil prices in the second paragraph and details the evacuation plan for the Strait of Hormuz in paragraphs four and five.)

West Texas Intermediate (WTI) oil closed lower Tuesday, falling for a third session as tankers begin moving through the Strait of Hormuz amid continued peace talks between the US and Iran.

WTI crude oil for August delivery closed 0.9% lower to settle at US$73.21 per barrel, the lowest since March 2, while August Brent oil was last down 1.1% to US$77.08.

The United States on Monday granted Iran a 60-day sanctions waiver, boosting the county's oil exports, while ships trapped in the Persian Gulf since the Feb. 28 start to the war began moving through the Strait of Hormuz.

The International Marine Organization (IMO) on Tuesday launched an evacuation plan for ships that have been trapped in the Gulf in cooperation with Iran, Oman and other Persian Gulf coastal states region, the United States and the maritime industry, with ships being notified of their place in the queue.

"After months of hardship and distress for thousands of innocent seafarers, and negative impact for the whole world, I welcome with deep satisfaction the peace agreement concluded between the United States and Iran, marking a decisive step towards restoring maritime security and bringing to an end the unacceptable attacks against civilian shipping," IMO Secretary-General Mr. Arsenio Dominguez said in a statement.

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