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Oil drops 5% after Trump Iran deal
Oil prices dropped around 5% on Friday after U.S. President Donald Trump announced that an agreement had been reached with Iran regarding the war in the Middle East, although 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 crude dropped to $83.32 per barrel. This came after Iran announced the closure of the Strait of Hormuz, a waterway through which one-fifth of global oil shipments pass, warning that shots would be fired at any ships attempting to pass. This threat had previously led to a rise in oil prices. However, U.S. forces confirmed that commercial ships continued to pass through the strait.
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