Oil drops 3% to below $75
The global oil prices fell sharply today, with Brent crude dropping by 3.19% to reach $74.60 per barrel, and West Texas Intermediate declining by 3.03% to $70.99. This movement was prompted by statements from U.S. President Donald Trump, who confirmed that Iran would not be charged transit fees on energy shipments passing through the Strait of Hormuz. These comments eased market anxiety and alleviated geopolitical concerns related to oil supplies.
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