Oil drops to 3-month lows as Iran restarts exports

Oil prices have fallen to their lowest levels in three months, with Brent crude dropping to $78.80 per barrel and West Texas Intermediate to $75.80. This comes amid expectations that the Strait of Hormuz will reopen following an agreement between the United States and Iran that lifts the blockade on Iranian ports and allows oil carriers to pass through the strait. Additionally, major Iranian tankers that had been operating within the U.S. blockade zone after a two-month pause have announced their passage, reflecting the potential resumption of Iranian oil exports after a period of suspension.

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