Oil prices fell 6% as President Trump announced US-Iran negotiations were in final stages, though Brent crude remains elevated at $104.64/barrel. Only three supertankers crossed the Strait of Hormuz on Wednesday compared to 130 daily before the conflict, leaving 6 million barrels stranded. Analysts warn global oil markets are underpricing supply disruption risk, with Brent potentially reaching $120–$200/barrel if the strait remains largely closed.
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