Strait of Hormuz Reopens... Oil Prices Crash
Oil prices are plummeting significantly following Iran's announcement that it is reopening the Strait of Hormuz. Currently, the price of a barrel of Europe's benchmark Brent crude has dropped by $10.13, settling at $89.26. Meanwhile, US-based WTI crude dropped by $10.45 to reach $84.24, while UAE's Murban crude fell by $8 to stand at $93.46. The fact that oil prices—which were once expected to hit $150 due to the war—have now declined to this level offers a sense of relief.
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