US-Iran War: Oil prices drop 5.5%, raising hopes of cheaper petrol

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Crude oil prices decreased by 5.5% to around $97.6 per barrel amid optimism about a potential peace agreement between the US and Iran, which could reduce tensions in the vital Strait of Hormuz.

Crude oil prices fell by 5.5 per cent on Monday to about $97.6 per barrel amid growing optimism over a possible peace agreement between the United States and Iran aimed at easing tensions around the Strait of Hormuz, a critical global oil transit route. The post US-Iran War: Oil prices drop 5.5%, raising hopes of cheaper petrol appeared first on Vanguard News.