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London: Global oil prices have dropped by more than 10 percent following the announcement of the full reopening of the Strait of Hormuz, easing concerns over supply disruptions.
The price of Brent crude for June delivery fell by 10.42 percent to USD 89.03 per barrel.
Meanwhile, West Texas Intermediate crude for May delivery declined by 11.11 percent, reaching USD 84.17 per barrel.
The sharp decline reflects improved market confidence after the key shipping route resumed full operations, a development expected to stabilize global energy supplies after recent volatility.
