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June 19, 2026

Oil prices in free fall as easing Middle East tensions fuel oversupply concerns

Oil prices in free fall as easing Middle East tensions fuel oversupply concerns

Global oil prices fell sharply this week, dropping back to levels last seen in March as markets reacted to reports that the United States and Iran had reached a preliminary peace agreement that could lead to the reopening of the Strait of Hormuz and the normalization of Iranian oil exports.

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