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Commodities

Trump's Pause on Strikes Sends Oil Prices Plummeting

Guavy AI Editorial Team
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Oil
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Oil prices dropped significantly on Monday after US President Donald Trump announced that he was pausing strikes on Iran. This move has raised hopes of a diplomatic solution to the conflict in the Middle East, which has been escalating for two weeks.

The price of Brent crude futures fell by $5.58, or 5.77%, to reach $91.20 per barrel by 2204 GMT. Meanwhile, US West Texas Intermediate crude plummeted to $84.40 a barrel, down by $4.91 or 5.50%.

The decision by Trump has been met with a decrease in tensions between the US and Iran, which has had a positive impact on oil prices. However, it remains to be seen how this development will affect the global market in the long term.

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