India, April 16 -- The Australian dollar strengthened against other major currencies in the Asian session on Thursday, as Asian shares traded higher, amid hopes a fresh round of negotiations between Iran and the U.S. this week will help resolve the ongoing conflict in the Middle East. The continuing drop in crude oil prices amid hopes of the potential opening of the Strait of Hormuz also aided market sentiment.
Reports indicated that Tehran could consider allowing free passage for ships via the Omani side of the Strait of Hormuz if a deal is reached to prevent renewed escalation.
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