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Oil Prices Plummet on Trump's Iran Deal Claim, But Iran Denies Negotiations

Guavy AI Editorial Team
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Oil prices plummeted on Sunday after President Donald Trump said he would hold off on new strikes against Iran, claiming that a deal to end the conflict was near.

A resolution to the conflict could give oil shippers the ability to send vessels out of the Persian Gulf, where tankers have been trapped during the fighting.

Iran's foreign ministry denied any negotiations with the US, contradicting Trump's claim that new talks would begin on Monday.

In a separate development, Abu Dhabi's national oil company ADNOC paid about $590 million to buy five supertankers to manage its crude deliveries amid tightened vessel supply due to the Middle East crisis.

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