Oil prices have continued to decline as tensions between the United States and Iran remained subdued for a fourth consecutive night. This period of calm has reduced immediate concerns over potential disruptions to oil supplies through the strategic Strait of Hormuz. Earlier in the month, heightened hostilities between the two nations had driven a sharp increase in oil prices, with Brent crude surpassing $90 per barrel due to fears of supply interruptions. The probability of crude oil reaching new all-time highs by September 30 now stands at 6%, reflecting diminished market expectations.
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