MARKET: Brent crude falls more than $1/bbl

Brent oil prices fell on the London market by more than $1/bbl for August and September delivery while light, sweet crude oil in New York for July delivery settled under $52/bbl on concerns of the possibility of oil shipment disruptions through the Middle East. The price drops came amid talk of a possible military confrontation in the Persian Gulf and disruptions to tankers moving through the Strait of Hormuz.