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Oil Gains as US Strikes Cloud Iran Strait Negotiations

Crude oil advanced Tuesday after the U.S. military struck Iranian targets, creating fresh uncertainty around negotiations to reopen the Strait of Hormuz. The strikes targeted missile launch sites and Iranian vessels attempting to emplace mines in the waterway, officials said. Talks between Washington and Tehran are expected to continue over the coming days despite the military action. Equities pared earlier gains following the strikes, which were characterized as defensive measures. According to ex-CIA director David Petraeus, a successful interim agreement with Iran could clear the strategic chokepoint without conditions. The developments highlight the fragile state of diplomacy even as both sides maintain engagement on the commercial shipping corridor issue.