Oil prices fall as Strait of Hormuz flow eases

Oil prices declined by more than 1%, approaching their four-month lows, amid signs of a return of oil tanker traffic through the Strait of Hormuz and a decrease in tensions surrounding oil supplies, as understandings between the United States and Iran continue. News of resumed shipping activity and reduced concerns about the Strait's closure contributed to downward pressure on prices, despite Iran’s ongoing closure of the strait and regional tensions.

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