21 Hrs
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الاقتصادية
Oil drops after US halts Iran attack
Oil prices fell by 6% after the United States announced that it would begin new talks with Iran today, Monday, following the cancellation of a planned military attack. As a result, Brent crude dropped to $84 per barrel, while West Texas Intermediate traded below $80, reflecting eased geopolitical tensions and expectations of reaching an agreement that would reduce the risk of escalation in the Gulf. U.S. President Donald Trump confirmed that he postponed the military strike at the request of Middle Eastern allies, while working to quickly reopen the Strait of Hormuz, a vital passage for global oil transportation. The market also showed relief after the de-escalation, with anticipation of a return to shipping traffic through the strait, amid ongoing efforts by Iran and Oman to explore new routes for the waterway to prevent any potential closure.
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