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Crude oil reverses gains, drops 5% on renewed Middle East peace hopes; Brent falls below $80

FinSiddhi

Crude oil prices fell sharply as optimism grew for a peace deal in the Middle East. US Treasury Secretary Scott Bessent indicated talks to reopen the Strait of Hormuz were progressing, easing supply disruption fears. Brent crude dropped 5% to $79.5 per barrel amid fluctuating market conditions.
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