Citi strategist Scott Chronert said he was surprised by the sharp fall in oil prices, which has eased some inflationary pressures. Brent crude dropped 8.7% to $94.62 per barrel, while WTI declined 8.3% to $88.12. The decline reflects changing geopolitical dynamics around Iran and improved supply outlooks in the Middle East. Prices recovered slightly by Thursday but remained below earlier levels, as the market reduced the geopolitical risk premium embedded in crude.
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