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Oil Prices Plummet as US and Iran Agree to Pause Military Strikes

Guavy AI Editorial Team
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Oil
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Oil prices plummeted by nearly 6.6% and 7.8%, respectively, for West Texas Intermediate (WTI) crude and international benchmark Brent crude, after the US and Iran agreed to suspend military strikes.

The ceasefire reduced fears of an immediate disruption to oil shipments through the Strait of Hormuz, reversing last week's geopolitical risk premium.

Traders are now shifting their focus from supply disruptions back to global demand and upcoming OPEC+ production decisions.

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