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Oil prices slump on report Iran could restore Hormuz traffic within a month
By Michele Maatouk
Date: Wednesday 27 May 2026
(Sharecast News) - Oil prices slid further on Wednesday afternoon following a report that Iran is committed to restoring the number of commercial transit ships through the Strait of Hormuz to pre-war levels within a month.
At 1338 BST, Brent crude was down 4.6% at $94.99 a barrel, extending losses.
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