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Oil Prices Plummet From Four-Year High Amid US-Iran Conflict Fears

Guavy AI Editorial Team
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Oil
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Global oil prices retreated on Thursday after hitting a four-year high of over $126 a barrel, driven by concerns that the US-Iran conflict could worsen and lead to protracted Middle East oil supply disruptions.

The global benchmark Brent crude futures were down $2.05, or 1.7%, to $115.98 a barrel as of 1016 GMT, following an intraday high of $126.41, the loftiest since March 9, 2022.

Tamas Varga of oil broker PVM attributed the decline to heightened volatility in the market since the Iran war started on February 28, stating 'It just sums up the unpredictable nature of trading in a Trump world.'

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