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Brent Oil Loses Wartime Price Gains as Hormuz Shipments Rise
Brent crude prices returned to pre-conflict levels after tanker traffic through the Strait of Hormuz increased. The change followed reported progress toward a U.S.-Iran agreement.
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Brent crude prices have given back all gains recorded during recent regional tensions after daily tanker flows through the Strait of Hormuz increased. The rise in shipments came after reports of progress on a U.S.-Iran peace deal, according to market data cited by Weilun Soon.
Oil traders recorded the full reversal of earlier wartime premiums within a single trading session. Volumes moving through the strait reached levels last seen before the escalation. Market participants linked the price drop directly to the higher number of tankers clearing the waterway without reported incidents.
Further updates on the diplomatic talks are expected to influence near-term supply forecasts.
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