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Commodities

Oil Prices Plummet as Middle East Tensions Ease

Guavy AI Editorial Team
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Oil
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Crude oil and gasoline prices plummeted today as tensions in the Middle East eased. The US and Iran have held off on further attacks for a third day, with Iran signaling it would refrain from retaliation during negotiations with Oman over the Strait of Hormuz.

President Trump stated that the US paused Iran strikes to give peace talks a chance. However, tensions remain high in the region as the US maintains its blockade of Iranian oil shipments in the Persian Gulf.

The International Maritime Organization warned it's too dangerous to cross the Strait of Hormuz due to ongoing tanker attacks by Iran. Visible transit through the strait has sharply fallen as a result.

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