Oil Holds Drop After Erasing Most Wartime Gains as Supply Swells

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AI Summary

Oil prices stabilized after losses that erased most wartime gains amid easing fears of supply shortages. The increased transit of ships through the Strait of Hormuz followed early progress in peace negotiations.

Oil was steady following a run of losses that’s erased most of the wartime price gains, with fears of a supply crunch subsiding as more ships transit the Strait of Hormuz after early progress on a peace deal.

World Politics Markets Commodities Energy Shipping oil prices Strait of Hormuz supply chain peace deal shipping routes energy markets wartime gains

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