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Oil prices fell on Tuesday after U.S. President Donald Trump played down the likelihood of military action against Iran, easing concerns about supply disruptions. Brent crude fell 70 cents to $91.88 a barrel, while West Texas Intermediate dropped to $86.07. Trump said he would suspend strikes in response to appeals from regional leaders, while the naval blockade in the Strait of Hormuz would remain in place temporarily. A Reuters survey showed OPEC production rose in October, led by Saudi Arabia, Kuwait and Iraq. Brent is down about 22% from its peak of $118, but analysts ruled out a drop below $90 unless signs of de-escalation or a comprehensive agreement between Washington and Tehran emerge, as risks to ships transiting the strait persist.
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