Oil prices have continued to decline, with Brent crude around $103.50 per barrel and West Texas Intermediate (WTI) near $99.79. This shift comes as markets observe improvements in energy flows through the Strait of Hormuz, a crucial waterway for global oil shipments. Increased tanker movements through this strait appear to have eased immediate supply concerns. However, the ongoing conflict involving Iran continues to maintain volatility in oil markets, with the probability of reaching a new all-time high by September estimated at just 0.8%.
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