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Oil prices tumbled more than 5% today after the U.S. and Iran paused strikes over the weekend following two weeks of attacks, raising hopes of a diplomatic solution that would de-escalate the conflict and allow shipping to resume in the Strait of Hormuz.
Brent crude futures fell $5.70, or about 5.9%, to $91.08 a barrel after briefly slipping under the key support level of $90 earlier in the session. U.S. West Texas Intermediate crude was $84.51 a barrel, down $4.80, or about 5.4%.
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