Oil is set for the largest quarterly price drop in 6 years as historic supply crunch eases

Oil prices fell during the quarter as global supply constraints eased. Workarounds for shipping through the Strait of Hormuz and reduced crude imports to China contributed to the decline. The Strait of Hormuz is a major chokepoint for global oil transit, accounting for roughly one-third of seaborne crude shipments. The quarterly price decrease marked the largest drop in six years.

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