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Oil falls 4% after US-Iran deal
Oil prices dropped today, Monday, to their lowest levels since March, after U.S. President Donald Trump and Iranian Deputy Foreign Minister announced that the two countries have reached a preliminary agreement to end the war and resume navigation through the Strait of Hormuz. Brent crude fell by 4.1% to $83.8 per barrel, while West Texas Intermediate declined by 4.6% to $80.9, with expectations that the strait will reopen within 30 days according to Iranian arrangements. The market is also watching for the resumption of oil production in the Middle East after months of blockade that led to a loss of millions of barrels from global supplies.
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