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Oil dips as Strait traffic resumes
Oil prices declined by approximately 2% during today’s trading session on Friday, amid reduced concerns over supply following the reopening of oil tankers' transit through the Strait of Hormuz, despite an incident involving a freight vessel being hit by a projectile near Oman. Brent crude oil prices reached $73.79 per barrel, while West Texas Intermediate stood at $70.48 per barrel, with tanker movements increasing after the passage was reopened following a ceasefire agreement. Additionally, Saudi Aramco resumed loading oil from the Ras Tanura terminal after a four-month halt, with shipping operations restarting at quantities of up to two million barrels per tanker.
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