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Oil prices fall 13 percent after Trump calls off Iran strike

VB Desk,  International

VB Desk, International

Global oil prices have plunged after US President Donald Trump ordered a halt to military strikes on Iranian energy facilities.

Al Jazeera reported that oil prices fell more than 13 percent after the announcement of the halt to the strike. Brent crude fell by about $17, or 15 percent, to $96 per barrel. At the same time, US West Texas Intermediate (WTI) crude also fell by about $13, or 13.5 percent, to $85.28 per barrel.

Earlier, oil prices had risen above $100 as shipping traffic was disrupted due to the Iranian attack, effectively closing the Strait of Hormuz.

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