Oil hits four-month low amid Strait supply boost

Oil prices dropped by more than 1%, approaching their four-month lows, amid signs of improved oil tanker flows through the Strait of Hormuz, which boosts optimism about the resumption of oil exports from the Gulf region. Brent crude fell to $76.31 per barrel, and West Texas Intermediate to $72.44, after reaching their lowest levels since early March. This decrease is attributed to indicators of increased vessel transit through the strait, along with US sanctions exemptions for Iran, and a decline in geopolitical tensions in the region.

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