Oil drops 2% on ceasefire hopes

Oil prices dropped by more than 2% today, Friday, amid market optimism about the possibility of reaching a ceasefire between the United States and Iran. Brent crude futures fell by $2.28, or 2.14%, to reach $104.32 per barrel, while U.S. crude futures declined by $2.20, or 2.33%, to $92.41 per barrel. This comes amidst growing hopes for de-escalation of tensions between the United States and Iran and its impact on the global oil markets.

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