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Oil prices declined today, heading toward weekly losses, after fears of supply shortages eased following the release of more stuck tankers in the Strait of Hormuz. The price of a barrel of U.S. West Texas Intermediate (WTI) oil reached $70.65, down by 1.77%, while Brent crude settled at $74.03, a decrease of 1.63%. These declines came after gains exceeding 2% driven by attacks on ships in the region, when Iran fired upon a merchant vessel, leading to the suspension of international evacuation programs.
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