Oil prices decline amid Strait of Hormuz worries

Oil prices declined today, Tuesday, recording decreases after data showed shipping activity through the Strait of Hormuz is beginning to recover, following previous declines caused by concerns over the passage. Brent crude fell to $77.70 per barrel, while West Texas Intermediate dropped to $73.74, after the United States granted Iran a 60-day sanctions waiver. This move boosted expectations of a gradual resumption of oil flows through the strait amid easing tensions.

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