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Oil Prices Plunge as U.S. and Iran Reach Deal to Reopen Strait of Hormuz
OilPrice
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Oil prices plunged in early Monday trading in Asia after the U.S. and Iran announced a deal to reopen the Strait of Hormuz more than 100 days after its closure.
At the time of writing, Brent crude had dropped 3.95% to trade at $83.88 per barrel, while WTI had fallen 4.62% to $80.96 per barrel.
Oil prices, which peaked in mid-May, have been slowly but surely trending downward in recent weeks on rumors of a deal, even after multiple escalatory strikes.
On Sunday night, President Trump declared that a deal with Iran was complete, writing on social…
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