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Oil falls 6% after attack pause
Oil prices fell by about 6% following a temporary halt to Iranian attacks, contingent on the United States committing to cease hostilities. Brent crude futures dropped to $90.97, while West Texas Intermediate fell to $83.83. An Iranian official confirmed that Tehran will respond in kind if the American de-escalation continues, after Washington's decision to suspend its bombing campaign. This comes amidst warnings from Trump advisors about depleting reserves, while experts believe that the de-escalation could lead to sustained oil reserves and possibly stabilize prices.
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