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The Economic Times
The Economic Times
Business

Oil tumbles as Trump cancels attack on Iran to reach nuclear deal

Iran Oil OPEC IG Strait of Hormuz Strait Donald Trump United States Tehran

Oil prices tumbled $4 a barrel on Monday after U.S. President Donald Trump held off on a fresh attack on Iran, seeking to reach a quick deal that would halt Tehran's nuclear ambitions and reopen the Strait of Hormuz.

Brent crude futures slid $4.08, or 4.64%, to $83.85 by 2352 GMT while U.S. West Texas Intermediate crude ‌was at $80.66 a ⁠barrel, ⁠down $4.01, or 4.74%.

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