Oil drops 10% as supply worries fade
Oil prices dropped by 10% over the course of a week, with Brent crude falling to around $72 per barrel after Saudi Aramco resumed oil shipments from Ras Tanura port and flows increased through the Strait of Hormuz, despite an attack on a vessel near Oman. The decline reflects easing concerns about shrinking supplies and diminished worries about meeting demand following the ceasefire agreement.
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