Oil declines 5% after Trump Iran deal hint
Oil prices dropped by approximately 5% after U.S. President Donald Trump announced that a tentative understanding had been reached with Iran regarding the war in the Middle East, though Tehran confirmed that no final decision had been made yet. The price of Brent crude fell to $85.86 per barrel, while West Texas Intermediate lost a similar percentage, dropping to $83.32. This came after Iran’s closure of the Strait of Hormuz—through which about 20% of the world's oil shipments typically pass—an action that had previously led to an increase in oil prices.
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