Oil faces largest monthly and quarterly declines since COVID-19

Oil prices have fallen significantly, approaching their largest monthly and quarterly losses since the COVID-19 pandemic in 2020, due to expectations of abundant supply and escalating geopolitical tensions in the Gulf. Data shows that Brent crude oil prices declined by about 21% in June and by 38% in the second quarter, although prices have temporarily stabilized amid concerns of oversupply and weakening global demand. The market is also impacted by developments regarding Iran and international efforts to reopen the Strait of Hormuz.

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