Oil drops on Hormuz supply hopes

Oil prices retreated today after significant losses in the previous session, as markets await the possibility of resuming oil shipments through the Strait of Hormuz following the preliminary agreement between the United States and Iran. Brent crude fell to $82.92 per barrel, while West Texas Intermediate declined to $80.66, amid uncertainty about the final details of the deal and weak global demand. Morgan Stanley analysts expect that the return of oil flows could take several weeks, with forecasts of a 50% recovery of the affected production by September.

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