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Oil prices drop as more ships move through the Strait of Hormuz

Oil futures have dropped as shipping traffic recovers in the Strait of Hormuz. Prices have returned to levels seen before the war with Iran, though a vessel was recently hit near Oman. U.S. oil has fallen below $70.

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What changed

Oil prices decreased following a resumption of shipments through the Strait of Hormuz.

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  1. Oil Prices Decline as Strait of Hormuz Shipments Resume

    Oil futures have dropped as shipping traffic recovers in the Strait of Hormuz. Prices have returned to levels seen before the war with Iran, though a vessel was recently hit near Oman. U.S. oil has fallen below $70.

    What's confirmed:

    • Oil prices have returned to levels seen before the war with Iran.
    • Shipments through the Strait of Hormuz have resumed.
    • U.S. oil prices dropped below $70.

    Still unconfirmed:

    • A vessel was hit near Oman.
    • The U.S. confirmed a retaliatory strike on Iran.
    • The IMF stated energy and commodity prices fell after an Iran deal.
    • Oil futures fell due to a likely technical correction.
    confidence 80%