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Oil Prices Crash Over 5% as Iran-US Peace Talks Accelerate and Strait of Hormuz Set to Reopen

Crude oil prices have plunged more than 5% this week as intensive Iran-US peace negotiations raise expectations that the Strait of Hormuz will soon reopen to normal shipping. Brent crude fell below $60 per barrel for the first time in months, sending energy stocks lower while boosting airlines and consumer stocks.