US Oil Plunges Below $70 as Ships Keep Crossing Strait of Hormuz


Brent crude slipped near $72 a barrel and West Texas Intermediate was around $69 on Friday, hovering near pre-war levels. Ships have been openly transiting Hormuz following early progress toward a lasting agreement to end the US-Iran war, adding millions of barrels to the global market. Persian Gulf exports are now at about 75% of prewar levels, according to Bloomberg calculations. 



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