Brent crude swung from a one-month low of $86.38 on Wednesday to $89.83 by Thursday, as diplomatic signals over the Strait of Hormuz reversed within 48 hours. Constructive Oman-Iran talks on reopening the strait briefly pushed prices lower, only for a new round of US-Iran accusations over sanctions to erase the move. Iran's conditions for reopening the strait, an end to the war, a lifted blockade, and resolution of Yemen's status, remain unmet, and vessel transits are still running at roughly a third of pre-war levels.
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