Oil prices fell by over $1 per barrel as shipping flows through the Strait of Hormuz improved, despite the ongoing US-Iran conflict. Brent crude settled at $89.03 per barrel while West Texas Intermediate closed at $83.59. The probability of crude oil reaching a new all-time high by September 30 has dropped to 5.6%, down from significantly higher levels. This decline follows initial supply disruption fears that had driven prices sharply higher, but the recovery in shipping flows, although still below pre-war levels, has eased market concerns about supply disruptions.
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