Oil Prices Edge Lower But Remain Near $90

Oil prices dipped slightly but stayed close to $90 per barrel as initial optimism about peace negotiations and the potential reopening of the Strait of Hormuz diminished. The geopolitical tensions that initially boosted prices are now losing their impact, indicating a possible stabilization in market sentiment. This situation is crucial as it affects global energy costs and economic conditions worldwide, particularly for countries heavily reliant on oil imports.