Oil prices plunge on reports US and Iran nearing peace deal
Oil prices slumped more than 10 per cent on Wednesday after reports that the US and Iran are nearing a deal to end the war that has strangled a fifth of global oil and gas supplies. Brent, the benchmark for two thirds of the world's oil, plunged 10 per cent but recovered some lost ground to trade 8
AI Translated Summary:
The potential peace deal between the US and Iran has led to a significant drop in oil prices, reflecting the market's sensitivity to geopolitical developments. This situation underscores the interconnectedness of global oil supply and political stability in the Middle East.
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