Oil price drops roughly 4%
Oil prices fell by about 4% on Monday after the U.S. Vice President's statements about progress in talks with Iran and the reopening of the Strait of Hormuz to shipping. Brent crude dropped to $77.39 per barrel, while West Texas Intermediate declined to $74.45, with declines exceeding 3% in futures contracts, reflecting the impact of political tensions on the oil market.
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