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Oil drops as Iran tensions ease
Oil prices have declined significantly, with Brent crude falling below $72.50 per barrel, a level close to the pre-war era with Iran. This comes amid expectations of increased supply from the Middle East and a recovery in shipping activity through the Strait of Hormuz. The rise in regional supplies and Iran's promise to boost its oil exports have contributed to the price decline, while analysts suggest that prices may return to pre-war levels as the market adjusts and normal oil flows are restored.
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