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Oil Prices Plummet on Renewed Hopes for US-Iran Peace Deal

Guavy AI Editorial Team
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Oil prices plummeted by 8% to $87.55 a barrel on Monday as hopes of a renewed peace deal between the US and Iran boosted expectations for a decrease in global crude supplies.

The cost of benchmark Brent crude dropped sharply in ongoing heightened volatility in oil and gas markets caused by the Middle East conflict, which had sent prices rocketing to $100 last week.

Russ Mould, investment director at AJ Bell, said that lower oil prices may give Bank of England policymakers some breathing space if inflation worries ease.

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