Oil prices tumble on peace deal hopes. Brent crude fell 1.35% to $98.05 per barrel and U.S. West Texas Intermediate dropped 1.74% to $93.40 as markets react positively to a Lebanon-Israel ceasefire and potential U.S.-Iran negotiations. President Trump indicated talks could happen this weekend, with Iran reportedly offering to forgo nuclear weapons for over two decades. The Strait of Hormuz closure has disrupted approximately 13 million barrels daily of global oil supply for seven weeks. Oil prices had surged 50% in March but have recently retreated below the $100 mark, settling in the $90 range this week. Analysts suggest that resolution of the Middle East conflict could significantly ease supply constraints and stabilize energy markets.
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