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International Oil Prices Plunge as U.S. Oil Futures Fall Below $70

On June 24, international crude oil prices continued to decline, with U.S. WTI crude oil futures falling below the $70 per barrel mark during trading, down 4.4% for the day, reaching a new low since March 2, and reverting to levels seen before the outbreak of the Iran conflict. Brent crude oil futures for August dropped 4.5%, settling at $73.6 per barrel. Market expectations of easing tensions in the Middle East, a recovery in Iranian oil supply, and rising interest rate expectations due to U.S. inflation have pressured oil prices.

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