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Commodities

Oil Prices Tumble Amid Escalating Tensions Subside

Guavy AI Editorial Team
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Oil
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Oil prices plummeted on Monday morning as markets opened in Asia, dropping by 4.5% to $93/barrel after a weekend of escalating tensions between the US and Iran.

The recent surge in oil prices, which rose 20% during the past week amid airstrikes on Iran and attacks on two Saudi oil tankers, began to dissipate as traders booked profits and supply concerns eased.

US airstrikes against Iran had pushed Brent crude futures to a 2-month high of $102/barrel on Thursday, but the halt in hostilities over the weekend led to a sharp decline in prices.

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