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Commodities

Trump's Last-Minute Iran Deal Hopes Send Oil Prices Plummeting

Guavy AI Editorial Team
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Oil
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Oil prices plummeted about 7% on Monday to a three-week low after US President Donald Trump canceled his plans for an attack on Iran in an effort to seal a nuclear deal.

Front-month Brent futures fell $6.35, or 7.0%, to settle at $83.77 a barrel, while US West Texas Intermediate (WTI) crude fell $4.33, or 5.1%, to settle at $80.34.

The decline was also influenced by the start of the less expensive October futures as the front-month after the more expensive September contract expired on Friday.

Tehran denied any talks with Washington, contradicting Trump's claim that negotiations were underway.

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