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Oil prices for Brent and U.S. crude are anticipated to experience their largest monthly drop since early 2020, coinciding with heightened shipping traffic through the Strait of Hormuz. This increase in shipping activity is attributed to growing optimism regarding a potential peace agreement between the United States and Iran, which may lead to improved stability in the region.
Market analysts are cautioning that alongside this optimism, there are concerns about a possible oversupply of oil. According to reports from Morgan Stanley, the supply glut risks could further impact prices, which have already reverted to levels observed before the escalation of conflict in February. As traders weigh these developments, the overall market sentiment remains cautious amid ongoing geopolitical uncertainties.
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