US oil prices drop 8% as US-Iran halt strikes, enter negotiations

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US oil prices dropped 8% and Brent fell 5% as the US and Iran paused military strikes for a second night. This ceasefire, alongside negotiations in Oman concerning the Strait of Hormuz, reduced fears of Middle East crude supply disruptions. After two weeks of escalating violence that drove prices over $100 a barrel, the easing tensions stabilized oil markets and led to a rise in US equity futures early Monday morning.
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