Crude prices drop amid efforts to reopen Strait of Hormuz
Oil prices fell Monday as the IEA announced a record reserve release. Global leaders are also working to reopen the Strait of Hormuz after recent attacks.
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Oil prices declined on Monday as international diplomatic efforts intensified to secure energy transit through the Gulf following a series of attacks on export infrastructure. Brent crude futures decreased by 92 cents to reach $102.22 per barrel, while West Texas Intermediate crude dropped 3.5% to settle at $95.26.
