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Commodities

Trump Orders US to Hold Back on Strikes Against Iran, Oil Prices Plummet

Guavy AI Editorial Team
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Oil
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Oil prices plummeted on Sunday night after US President Donald Trump announced that he would order American forces to hold off on new strikes against Iran, claiming a deal was near to end the conflict in the Middle East.

The price of U.S. crude oil fell by 5% to $80.79 per barrel, while Brent crude, the international standard, dropped by 5% to $83.87 per barrel.

The conflict has lasted over five months and has had a significant impact on global markets, with prices for US crude oil remaining about 20% higher than before it began.

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