Oil Prices Fall As Tankers Exit Strait Of Hormuz
Economic Times
Oil prices are dropping significantly as tankers resume passage through the Strait of Hormuz following a preliminary peace accord between the US, Israel, and Iran.
This easing of supply concerns has pushed prices towards pre-war levels, surprising many analysts. Despite ongoing demining efforts, the flow of oil is expected to continue, with nations coordinating to ensure smooth departures and discuss the strait's future management.
The accord set up a 60-day period of negotiations to tackle more difficult issues including Iran's nuclear program. Wright said oil would continue to flow through the strait even if the deal did not hold, and that Iran would not be able to close it again.
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