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Commodities

Trump's Iran Deal Hopes Send Oil Prices Plummeting

Guavy AI Editorial Team
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Oil
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Oil prices plummeted on Monday after US President Donald Trump put off any fresh attacks on Iran, opting for a quick deal to halt Tehran's nuclear ambitions and reopen the vital Strait of Hormuz.

Brent crude futures fell $4.49 per barrel, or 5.11%, to $83.44 by 0408 GMT, while US West Texas Intermediate crude dropped $4.90, or 5.79%, to $79.77 a barrel.

The contracts surged more than 20% last month following renewed fighting between the US and Iran, as well as attacks on tankers around Oman that heightened security concerns and deterred shippers from entering the Gulf to load oil.

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