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Oil prices drop to pre-war lows
Oil prices have fallen to levels not seen since before the Iran conflict, as traffic through the Strait of Hormuz gradually resumes following improved US-Iran negotiations. Brent crude briefly dropped below $72.50 per barrel but has since slightly increased. The increase in vessel crossings, including crude and gas shipments, signals a potential easing of restrictions after the US and Iran signed a memorandum of understanding to negotiate amid ongoing tensions. Despite more ships passing through, the volume remains below pre-war levels.
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