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Evening Standard
Evening Standard
Business
Anna Wise

Oil prices drop after Trump cancels strikes on Iran amid peace talks

Oil Iran Donald Trump United States
Oil prices hit 120 dollars a barrel at one stage as the vital Strait of Hormuz was effectively blocked (Alamy/PA) -

Oil prices have dropped to a three-week low after Donald Trump said he had called off strikes on Iran and that Middle East allies had outlined a deal to end the war.

The announcement from the US president sparked fresh hopes among investors that the Strait of Hormuz transit route could be reopened.

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