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Oil prices fell as investors moved to price out a supply-risk premium that had built up during the conflict, after tankers that had been stranded in the Persian Gulf for months began passing through the Strait of Hormuz.
The resumption of traffic through one of the world's most consequential oil-shipping passages signals that the physical crude market may be heading back toward something closer to normal.
Markets interpreted the development as evidence that global supply conditions are set to improve.
What the Strait of Hormuz Is — and Why It Moves Prices The Strait of Hormuz is the narrow waterway connecting the Persian Gulf to the Gulf of Oman and, beyond it, the open ocean.
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