Oil prices dropped around 7 percent
The oil price dropped by 7% to its lowest level in three weeks following U.S. President Donald Trump's decision to delay a strike against Iran, aiming to reach an agreement to reopen the Strait of Hormuz and reduce regional tensions. Brent crude fell to $83.77 per barrel, and West Texas Intermediate to $80.34. Meanwhile, U.S. strategic oil reserves declined to their lowest level since 1983, after a drawdown of 172 million barrels from the stockpile.
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