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Oil prices decline 4.8% after US-Iran deal
Brent crude, the global oil benchmark, was 4.8% reduce at $83.18 a barrel, while US-traded oil was down 5.6% at $80.13.
The Strait of Hormuz had been efficiently closed since shortly after the US and Israel launched airstrikes on Iran on February 28.
Announcing the deal in a Truth Social post, US President Donald Trump said: "The Deal with the Islamic Republic of Iran is now complete. Congratulations to all! I hereby fully authorize the toll free opening of the Strait of Hormuz, and, simultaneously herewith, authorize the immediate removal of the United States Naval blockade. Ships of the World, start your engines. Let the oil flow!
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