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Commodities

Iran Strike Halt Triggers Global Oil Price Drop

Guavy AI Editorial Team
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Oil
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President Trump's decision to halt planned strikes on Iran has sent global energy markets into a tailspin, with West Texas Intermediate (WTI) crude plummeting by 5.78% to $79.78/bbl and Brent crude dropping 4.73% to $83.77/bbl.

The de-escalation of tensions follows Saturday's announcement that diplomatic talks are scheduled for August 3, 2026, aimed at resolving nuclear issues and reopening the Strait of Hormuz.

Market reaction was immediate, with USO shares declining by 5.76% to $121.74 during premarket trading on Monday, and retail gas prices showing signs of easing, albeit with regional disparities persisting.

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