Oil prices fell sharply after a post by JD Vance suggesting a possible de-escalation of the conflict between the United States and Iran. West Texas Intermediate futures dropped by approximately 7% to around $89.40 per barrel, while Brent crude declined by nearly 8% to about $95.41. Markets are now less concerned about a military escalation that could disrupt oil flows from the Gulf. The probability of crude oil reaching a new all-time high by December 31 has consequently fallen by 20% on prediction markets.
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