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Commodities

US-Iran Pause Sends Oil Prices Plummeting

Guavy AI Editorial Team
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Oil Wheat
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Oil prices plummeted in early trading as the US and Iran paused their military strikes. The cessation of hostilities led to a sharp decline in Brent crude, which fell more than 7% at one stage and briefly dipped below $90 per barrel.

The respite from conflict also affected other commodities, with CBOT wheat prices experiencing a second consecutive day of losses, settling over 2.6% lower on Friday.

The oil market's response to the latest developments in the US-Iran standoff is a testament to the sensitivity of global energy markets to geopolitical tensions.

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