Oil prices near pre-war levels

Oil prices today dropped by approximately $35 from their wartime peak, with Brent crude settling below $80 per barrel for the first time in the past three sessions, as West Texas Intermediate declined to around $74 per barrel. This decline comes amid reduced concerns over energy supplies and optimism about a return to shipping activity through the Strait of Hormuz, amid expectations of potential market oversupply and a decrease in global demand by 1.1 million barrels per day this year.

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