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Crude oil prices drop on Hormuz developments

Global crude oil prices declined sharply after positive developments linked to the Strait of Hormuz reduced concerns over supply disruptions. Market analysts said easing tensions lowered pressure on oil prices. US crude oil prices fell 5. 29 percent to $76. 09 per barrel, according to the latest market data. Meanwhile, Brent crude declined 4. 77 percent to $79. 77

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