Oil drops over dollar amid Middle East tensions
Oil prices declined noticeably today, with Brent crude futures dropping by $1.03 or 1.2% to reach $88 per barrel. Meanwhile, U.S. West Texas Intermediate (WTI) crude fell by $1.50 or 1.8% to settle at $82.09 per barrel. This decline comes amid market anticipation of developments in the Middle East and escalating tensions between the United States and Iran, although projections suggest that both benchmarks could see gains close to 20% over the course of the month.
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