Oil drops following Trump strike cancel

Oil prices retreated after U.S. President Donald Trump canceled strikes against Iran, easing fears of escalation in the region. Brent contracts fell to $89.17 per barrel, and West Texas crude to $86.48, recording weekly losses of 4.2% and 4.4% respectively. American threats regarding Iran and the closure of the Strait of Hormuz had previously led to price surges, but news of progress in the talks has alleviated tensions.

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