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Oil prices drop over 5% after Trump says US-Iran peace talks will resume later today. Brent crude falls to ~$83.40/barrel, WTI down 6% to $79.60 amid diplomatic easing.

Oil prices fell more than 5% after US President Donald Trump said peace talks with Iran would resume later in the day. Brent crude dropped to around $83.40 per barrel, while US benchmark WTI declined 6% to $79.60.

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