Oil prices extend losses this week

Oil prices declined over the past week, with Brent crude decreasing by 7.2% to close at $82.21 per barrel, and West Texas Intermediate (WTI) falling by 7.6% to close at $77.08. This downward trend was driven by unrest in the Strait of Hormuz and ongoing political discussions regarding a ban on passage for American and Israeli ships. Markets are closely monitoring a proposed bill that suggests imposing fees on vessels passing through the strait. However, the implementation of the agreement faces difficulties due to American sanctions and insurance restrictions, which are impacting global oil export movements and the economies tied to them.

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