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WTI crude oil futures slipped to $94.7 per barrel on Friday, ending a four-day rally, after the White House announced it would send envoys to Pakistan, where Iranian officials are also expected. The move raised cautious hopes that stalled US-Iran negotiations might resume and eventually lead to the reopening of the Strait of Hormuz. Still, Tehran has adopted a guarded stance, with reports indicating that no formal talks are scheduled during Foreign Minister Abbas Araghchi’s visit. The mere prospect of renewed diplomacy has pared back some of the geopolitical risk premium that had been priced into crude earlier in the week. Markets remain fixated on whether substantive negotiations will emerge while the critical shipping lane remains effectively shut. The continuing US naval blockade is still curbing Iranian crude exports and stands as a key impediment to any breakthrough. Analysts also emphasize that even if the strait were reopened, it could take months for oil flows to return to normal, sustaining tight supply conditions and ongoing pressure on global energy markets.
