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What's driving the attention

Oil prices have been volatile amid geopolitical and market developments affecting supply dynamics.

Recent developments around the Strait of Hormuz, including a key agreement, have led to a sharp drop in oil prices. Meanwhile, OPEC+ signaled an end to production cuts, suggesting a potential increase in market supply. Despite positive remarks from former U.S. President Trump about oil flow through Hormuz, prices showed mixed trends, balancing hopes for peace in the Middle East against ongoing market uncertainties.