Oil drops as tankers leave Strait
Oil prices declined, with Brent crude trading at $73.34 per barrel and West Texas Intermediate at $70.07. This came after oil flows through the Strait of Hormuz became more stable following a preliminary agreement to ease tensions between the United States and Iran and to release tankers from the strait, leading to a reduction in concerns over supply disruptions. Additionally, a U.S. official indicated that it might take a few weeks to fully return to normal conditions and clear mines from the strait.
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