Oil drops to over a week low on Iran diplomacy hopes
Oil prices have fallen to their lowest levels in over a week, amid hopes of a resumption of diplomatic efforts to resolve tensions between the United States and Iran. Investors are also anticipating a partial recovery in oil shipments from Saudi Arabia despite ongoing Houthi attacks in Yemen. Brent crude settled at $101.71 per barrel, while West Texas Intermediate dropped to $98.15, with declines of over 2%. This comes amid expectations that this week will reveal a diplomatic path toward de-escalation.
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