Oil prices have dropped significantly following reports that Iran has indicated it will cease attacks if the United States maintains its operational pause. Brent crude fell 4.88% to around $92 a barrel, while West Texas Intermediate (WTI) dropped more than 5% to $84.84. Prediction markets reflect the easing of geopolitical tensions, with the likelihood of crude oil reaching a new all-time high by the end of September declining from 7% to 6.2%. This comes after months of heightened tensions in the Strait of Hormuz region, a critical transit route for global crude flows.
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