Crude oil posted a weekly decline of more than 10% last week, its steepest drop in a month. Prices fell nearly 4% on Friday, moving toward $69 a barrel and reaching their lowest level since February 27.
A 14-point interim peace plan had been intended to halt the fighting and reopen the strait.
Markets are now watching tanker flows through the Strait of Hormuz after the recent rebound in traffic helped ease concerns over energy supply. However, with both sides accusing each other of violating the ceasefire and talks to end the conflict on hold, any renewed disruption could reverse the recent decline in crude prices.
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