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Commodities

Oil Prices Plummet on Rapprochement and OPEC+ Supply Increase

Guavy AI Editorial Team
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Oil
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Oil prices plummeted on Monday after the market reduced its risk premium due to the rapprochement between the US and Iran. This pressure was compounded by OPEC+’s decision to maintain a policy of increased supply.

The price of oil fell sharply, with West Texas Intermediate crude dropping more than 7% during the day to reach nearly $78.45 per barrel. Brent crude also declined, losing some of its gains from previous sessions amid Middle East tensions.

The drop in oil prices reflects a rapid shift in market expectations. Traders began to price in a lower probability of supply disruptions after Donald Trump announced his intention to resume talks with Iran.

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