Oil and gas prices drop in time for Fourth of July driving

Oil and gas prices fell ahead of the Fourth of July weekend, as shipping traffic through the Strait of Hormuz picked up, easing the global supply strains created by the war with Iran.International benchmark Brent crude was trading at $72.05 a barrel as of Friday afternoon, while the U.S. benchmark West Texas Intermediate stood at $69.41 per barrel, with both benchmarks at their lowest since before the war in Iran. During the conflict, oil prices had climbed to around $100 a barrel.

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