Brent Falls as Supply Rises Post-Hormuz Reopening

Brent crude oil prices declined by approximately 2 percent, falling below $72.48 per barrel, amid increasing oil supplies through the Strait of Hormuz following progress in peace talks between the United States and Iran. Similarly, U.S. crude oil dropped by 1.8 percent, approaching $69.08 per barrel, amid an abundance of supply from the Middle East and Africa, driven by expectations of a permanent agreement that would boost oil flow and lower prices after reaching their highest levels in March.

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