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Commodities

Hormuz Deal Sends Oil Prices Plummeting to Three-Week Low

Guavy AI Editorial Team
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Oil
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Oil prices plummeted to their lowest in over three weeks as optimism grew that an interim agreement between the US and Iran could help normalize commercial shipping through the Strait of Hormuz.

Brent fell 5.3% to settle around $79 a barrel, while WTI dropped 5.7% to close at $75.77 a barrel in New York.

The potential agreement would allow European nations to remove mines from the strait, giving shipping and insurance industries much-needed third-party assurance that the area is safe after five months of military conflict.

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