U.S. Oil Prices Fall to $83 a Barrel After Iran Reopens Strait of Hormuz

Oil prices fell further after Iran said the Strait of Hormuz was fully open, deepening the earlier market drop tied to easing supply concerns around a key global shipping chokepoint. WTI crude fell more than 9% to about $84, while Brent dropped below $90. Reports also said the U.S. may unfreeze about $20 billion in Iranian assets as talks could resume this weekend, adding to expectations of de-escalation. The Strait of Hormuz had disrupted about 20% of global oil shipments during the conflict.

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