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U.S. Stocks Tick Higher as Oil Prices Retreat
U.S. crude futures dropped 5.5% to $88.68 a barrel, while Brent, the international benchmark, retreated 5.3% to $94.29. For both, it was the lowest closing price since April 17.
Prices accelerated their drop after Iran’s state broadcaster reported that it had seen a draft framework being negotiated with the U.S., and that it includes restoring commercial shipping to prewar levels within a month. An agreement hasn’t been finalized yet, and if anything, traffic in the Strait of Hormuz has slowed.
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