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Brent crude nears $70 as easing geopolitical tensions lift hopes for lower inflation
The Star
|July 03, 2026
OIL PRICES have fallen to their lowest levels in four months as easing tensions in the Middle East continue to reduce fears of supply disruptions, offering a measure of relief for inflation weary consumers and businesses across the globe.
Brent crude traded at $70.68 a barrel early on Thursday morning, extending losses after falling nearly 2% during the previous trading session.
The decline comes as diplomatic progress between the United States and Iran improves market sentiment and reduces concerns over disruptions to global oil supplies through the Strait of Hormuz.
The softer oil price marks a dramatic reversal from the spike seen during the recent conflict, with prices now trading below levels recorded before tensions escalated.
According to Anchor Capital, the market has quickly priced in the prospect of lasting peace despite some lingering concerns.
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