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Oil Plunges 12% Weekly as Iran-Israel Ceasefire Removes Supply Fears

Oil prices are heading for their biggest weekly drop in over two years, falling about 12% this week. Despite rising slightly on Friday, Brent crude sits around $68 per barrel and WTI at $66.

The sharp decline came after the Iran-Israel ceasefire announcement removed fears of supply disruptions, eliminating the risk premium that had briefly pushed prices above $80.

With geopolitical tensions easing, the market has refocused on supply-demand fundamentals, including upcoming OPEC+ production decisions and strong inventory drawdowns in key regions.

Original Source: CNBC

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