ijra — Live news map of the Middle East, Sudan and Pakistan

Oil plunges 9% as fears of military escalation against Iran recede

Iran ·

Brent crude dropped to $94.29 a barrel and West Texas Intermediate to $88.54, with markets betting that the war could end soon and that military spending may be restricted. The report links the move to the Republican loss of control of Congress and talk of a possible political deal.

Brent and West Texas Intermediate are the main international benchmarks for crude oil prices, and Iran's Kharg Island is a main hub for its crude exports.

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