Global oil price falls below pre-Iran war level
The global oil price has fallen to its lowest level since February and March, dropping below $76 per barrel, following the interruption of traffic for hundreds of tankers in the Gulf waters due to Iran's closure of the Strait of Hormuz. Brent crude prices have decreased to $75.50, while West Texas Intermediate has fallen to $72.03, amid anticipation of the impact of the tensions on global oil supplies. This came after an agreement that allowed ships to pass through the strait free of charge for 60 days, reflecting a temporary improvement in maritime traffic.
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