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Oil Prices Plunge 7% as U.S. and Iran Signal Room for Diplomacy
Oil prices plunged nearly 7% on Monday after Washington and Tehran both signaled they would give diplomacy a chance, wiping out part of the war premium that lifted crude through October. Brent traded at $105.60 per barrel, down $7.85, and WTI fell $7.20 to $96.92. Iranian President Masoud Pezeshkian said on Monday that the Supreme Leader has granted the government “certain authorities” over peace talks and that Tehran “will try to resolve the problem with dialogue,” state media reported. Foreign Minister Abbas…