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Oil drops to lowest since March
Oil prices have declined following the announcement of a preliminary agreement between the U.S. and Iran to end the conflict that has disrupted oil flows through the Strait of Hormuz. West Texas Intermediate crude dropped over 5%, trading above $80 a barrel, while Brent crude fell over 3.6%, trading below $80. The deal is expected to ease supply disruptions, potentially reducing inflationary pressures and impacting U.S. interest rate policies.
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