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WTI Crude Oil Dives to 5-Week Low on US-Iran Ceasefire Optimism

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The Story

News Summary

  • WTI crude oil prices hit a 5-week low on reports of a tentative 60-day ceasefire between the US and Iran.
  • While physical hurdles to restarting exports remain high, the market is reacting to the potential reopening of the Strait of Hormuz and increased supply plans from OPEC+.
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