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Commodities

US-Iran Tensions Ease: Crude Prices Plummet as Soybean Oil Falls

Guavy AI Editorial Team
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Oil
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Global oil markets took a hit on Monday after the US paused its strikes against Iran without explanation.

The move sent crude prices plummeting by over 7% in the first few minutes of trading, causing grain and oilseed futures to fall as well.

Soybean oil, often used to produce biofuels, fell the most in a month, dropping 2.1% to 70.54 cents a pound.

The Chicago soybean oil contract's steepest intraday decline since June 30 was attributed to the easing of tensions between the US and Iran.

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