21 Hrs
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المشهد العربي
Oil costs fall as Middle East tensions ease
Oil prices declined significantly on Friday, following a reduction in fears of military strikes on Iran after U.S. President Donald Trump announced he does not intend to launch an attack before next month's elections. At the same time, the U.S. administration imposed new sanctions on Iranian individuals and oil tankers to increase economic pressure on Tehran. Markets were also affected by the suspension of production in the Gulf of Mexico, amounting to about 1.3 million barrels per day, due to Hurricane "Ida." The price of Brent crude fell by 1.40% to $102.80 per barrel, while West Texas Intermediate (WTI) dropped by 1.35% to close at $90.25 per barrel.
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