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US crude drops below $70
Oil prices have dropped significantly, with West Texas Intermediate falling below $70 for the first time since March, decreasing by 4% to reach $69.63. Meanwhile, Brent crude declined by 4.2% to $73.83. This decline reflects a reduction in tensions in the Gulf region and more than 11,000 sailors passing through the Strait of Hormuz after safety guarantees were provided, boosting the likelihood of a return to normal maritime navigation.
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