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Hormuz reopening triggers oil price decline
Oil prices declined this morning due to easing concerns over supply after stuck ships exited the Strait of Hormuz, despite an attack on a cargo ship near Oman yesterday. Brent crude fell to $75.07 per barrel, while West Texas Intermediate dropped to $71.79, with expected weekly losses of around 7% for both, driven by market fluctuations and regional geopolitical tensions.
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