GK and monthly revision

Oil prices fall as tankers exit Strait of Hormuz

Oil prices have significantly declined as tankers resume passage through the Strait of Hormuz, following a preliminary peace accord between the US, Israel, and Iran. This development alleviates supply concerns and brings prices closer to pre-war levels, which has surprised analysts. The ongoing demining efforts and international coordination for oil flow management highlight the geopolitical significance of the region for global oil supply.