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Oil drops as political moves calm markets
Oil prices declined on Friday after U.S. President Donald Trump canceled plans for strikes on Iran, easing concerns about an escalation of the conflict in the region. Brent crude fell by 1.3% to $89.17 per barrel, while West Texas Intermediate decreased by 1.4% to $86.48, following weekly losses of 4.2% and 4.4% respectively. These declines come amid reports of progress in negotiations between the United States and Iran and signals of market stability in the oil sector.
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