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WTI Oil Prices Plummet Below $80 Amid Ongoing Geopolitical Tensions

Guavy AI Editorial Team
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WTI crude oil prices continued to decline on Tuesday, extending Monday's 9% drop. The price slipped below $80, prompting bears to target the 200-day Simple Moving Average (SMA) at $74.78 for support.

The recent pause in US-Iran attacks has reduced the geopolitical risk premium built into oil prices, leading traders to unwind their positions and contributing to the decline.

US President Donald Trump's statement that it is a 'good time for Iran to make a deal' did little to alleviate concerns, as the risk of renewed military action remains high.

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