Oil market shifts after 7% weekly drop

Last week, oil prices dropped by more than 7%, approaching pre-war levels in the Middle East, settling at around $80 per barrel for Brent crude and $76.51 for US crude after slight losses. Indian oil tankers passed safely through the Strait of Hormuz following the signing of a temporary agreement between the United States and Iran to cease fire, although concerns remain regarding Iran's commitments and the potential resumption of attacks.

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