Oil drops over 10% amid Hormuz flows
Global oil prices experienced a significant decline last week, with Brent crude dropping by 10.28% to reach $72.60, and West Texas Intermediate (WTI) falling by 10.62% to close at $69.23. This decline occurred amidst increased oil flows through the Strait of Hormuz. Despite an agreement to a 60-day ceasefire, shipping activity through the strait continues to rise, reaching its highest levels since the start of the conflict in Iran, indicating a potential abundance of oil supply. Additionally, Aramco resumed oil loading operations at Ras Tanour Port in Ra’s Tanura after a stoppage of approximately four months.
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