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Oil drops amid easing tensions and Iran deal hopes
Oil prices dropped by more than a dollar after U.S. President Donald Trump canceled plans to strike Iran, easing fears of escalating conflict. Brent crude fell by $1.83, or 2%, to $88.55 per barrel, and West Texas Intermediate declined by 1.8% to $86.11, amid expectations that global oil demand will decrease to 970,000 barrels per day in 2026.
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