Shipping in the Strait of Hormuz Resumes, Oil Prices Drop to Lowest Level Since Conflict Erupted

On June 24, oil prices fell to their lowest level since the outbreak of conflict, influenced by the resumption of shipping in the Strait of Hormuz. According to the US-Iran agreement, more vessels are resuming passage through the Strait, alleviating market concerns over disruptions in crude oil transportation. Trump stated that Iran has not charged tolls or other fees for ships using this route. Additionally, rising supply, softening demand, and a strengthening dollar are also putting pressure on crude oil prices. However, related supply risks still persist.
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