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Commodities

Oil Prices Ease as US and Iran Halt Military Strikes

Guavy AI Editorial Team
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Oil prices have eased after the US and Iran paused their military strikes in the Persian Gulf for a second straight day, according to early trading on Sunday.

The price for a barrel of Brent crude oil to be delivered in September dropped by 4.9% to $92.02, following a 3.9% drop on Friday.

Brent crude briefly hit $102 a barrel last week, which is $30 more than its value at the start of the month and its highest level since May.

The recent surge in oil prices was due to increased fighting in the Middle East and concerns about a return to all-out war, which could further slow the global flow of crude.

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