Bloomberg reported that Iraq is reducing oil prices for buyers who choose to transit the Strait of Hormuz.
Oil markets saw a further rise today, particularly OPEC crude, due to the complex challenges facing the global oil market. These challenges stem from the continued restrictions on shipping in the Strait of Hormuz, exacerbated by the lack of an agreement between Washington and Tehran, which has contributed to the price increase.
The OPEC+ group also announced an increase in oil production starting in June to support the stability of the global oil market.
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