Oil drops 1% on Strait supply concerns
Oil prices fell by more than one percent as the market monitored a gradual recovery in oil flows through the Strait of Hormuz following talks between the United States and Iran. Brent crude prices reached $76.81 per barrel, while West Texas Intermediate was at $72.99, amid expectations that most of the oil production affected by the war will return to markets by the end of 2026. However, doubts remain about price stability due to ongoing tensions between Washington and Tehran.
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