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Oil Falls 9% to Sept Lows
Global oil prices fell about 9% on Wednesday, hitting their lowest levels since September. Brent crude dropped 8.9% to $94.29 a barrel, while West Texas Intermediate fell 7.8% to $88.54. The decline came amid growing hopes for a settlement to the war with Iran, after Donald Trump said the United States did not intend to launch further strikes for now, while Qatari mediation efforts continued. A partial recovery in Gulf oil exports also fueled expectations of increased supply, despite ongoing risks related to the Strait of Hormuz and further escalation.
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