International Oil Price Retreats After Earlier Gain; Iranian Deputy Foreign Minister Says Some Ships Allowed to Pass Through Hormuz

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March 12 — Data from Bitget shows international oil prices have pared gains, with WTI and Brent crude trimming their increases to 7.4% and 5.9% respectively, settling at $95.06/bbl and $96.94/bbl. Earlier, Iran’s Deputy Foreign Minister noted: “Iran previously allowed some vessels to transit the Strait of Hormuz. We did not place mines in the Strait of Hormuz.”

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