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Oil prices fell Tuesday after U.S. President Donald Trump said he would postpone a planned military strike on Iran following requests from key Middle Eastern leaders, easing fears of an imminent escalation that could disrupt global crude supplies.
International benchmark Brent crude futures
for July delivery fell more than 2% to trade at $109.15 per barrel. The West Texas Intermediate futures declined 1.27% to $107.28 per barrel.
Trump said on Monday that he shelved plans for a "scheduled attack of Iran tomorrow" following requests from the leaders of Qatar, Saudi Arabia and the United Arab Emirates.
