Oil Prices Decline Amid Anticipated Reopening of the Strait of Hormuz

Oil prices have fallen to their lowest levels in over two weeks.

Oil prices have fallen to their lowest levels in over two weeks amid expectations that traffic through the Strait of Hormuz will soon resume. Brent crude prices dropped to $97.43. Some vessels, including a supertanker carrying approximately 2 million barrels of Iraqi oil, have already begun to pass through the strait, heading to China after nearly a three-month delay.