Global oil prices dropped on Monday as a Pakistan-bound tanker successfully navigated the Strait of Hormuz with its transponder active, signaling a potential easing of tensions in the region. Despite this development, no countries have agreed to Donald Trump’s proposal for naval escorts through the strategic waterway. The International Energy Agency confirmed that member nations have authorized a coordinated release of 400 million barrels from their emergency reserves, marking the largest joint action of its kind. This move aims to stabilize markets amid ongoing concerns over supply disruptions.
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