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The agreements between the United States and Iran regarding the Strait of Hormuz, the lifting of the maritime blockade, and cooperation in safeguarding navigation have reopened the way for the safe passage of oil ships. Washington also committed to lifting sanctions on Iranian oil within 30 days. Reports predict that reopening the strait could release approximately 93 million barrels of trapped oil, which has put pressure on global oil prices, causing them to decline by about 2.5%. Officials also indicated a significant recovery in Iran's petrochemical production following the suspension caused by Israeli strikes, as markets await the implications of the resumption of oil flows on global market prices.
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