AxiosCenter·
Oil prices fall on US, Iran deal announcement
Crude oil prices fell over 4% to their lowest levels in over three months Sunday after the U.S. and Iran agreed to a ceasefire extension that could lead to the reopening of the Strait of Hormuz. Why it matters: Severe restrictions on oil traffic through the strait since the conflict began in late February have created an unprecedented energy shock that's a drag on the global economy. The oil price spike caused U.S. gasoline prices to soar to their highest levels since 2022, adding to GOP politi…
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