Global oil prices decline amid profit-taking activities
Global oil prices declined following ongoing tensions between the United States and Iran. Brent crude fell to approximately $84 per barrel, while West Texas Intermediate dropped to around $79, though both remained about 11% higher than their prices at the end of last week. This movement came amid profit-taking and military tensions, as the United States intensified its strikes against Iran and targeted oil tankers, with shipping through the Strait of Hormuz decreasing. However, the market still does not anticipate a significant shortage in supply.
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