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Oil prices decreased after Pakistan announced a deal between the US and Iran to reopen the Strait of Hormuz, a key shipping route. Brent crude fell by 3.8% to $84.02 per barrel, and US-traded oil dropped by 4.1% to $81.40. The deal is set to be signed in Switzerland, amid tensions that had led to near closure of the strait and significant fluctuations in global oil markets.
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