Oil prices fell more than 4 per cent on Thursday as US-Iran tensions de-escalated and traders dialled back their bets on military action against one of the world’s major crude producers.
Brent crude, the international benchmark, dropped by $2.76 a barrel to $63.76, erasing most of this week’s gains.
The protests in Iran, fresh US tariffs on buyers of Iranian oil and the prospect of a US intervention after reports of a heavy death toll all helped crude prices break above their 200-day moving average to as high as $66.82 a barrel earlier this week.
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