85 million barrels of oil released lowering prices

Oil prices declined today as flow through the Strait of Hormuz began following the signing of a temporary agreement between the United States and Iran. Brent crude fell to $78.31 per barrel, while West Texas Intermediate dropped to $76.14. Market expectations suggest that more than 85 million barrels of stranded oil in the Gulf will be pumped into global markets, with confirmations that the movement of oil tankers remains inconsistent.

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