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Oil drops amid Strait flow recovery
Oil prices declined today as crude flows through the Strait of Hormuz recovered, with increased shipping activity reaching approximately 30-35% of pre-war levels, helping to ease market concerns about supply shortages. It was noted that if flows increase to 50-60% of normal rates, it could reintroduce a supply surplus to the global oil market. This came after tensions between the United States and Iran escalated earlier, but the improvement in flows has alleviated concerns about potential disruptions to supply.
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