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NEW YORK: Oil prices fell about 5 per cent on Tuesday after Iran and Israel said they had halted attacks on each other following an appeal from US President Donald Trump.
Brent futures fell $4.30, or 4.6pc, to $89.95 a barrel at 12:38 p.m. EDT (1638 GMT). US West Texas Intermediate (WTI) crude slid $4.95, or 5.4pc, to $86.35.
That put Brent on track for its lowest close since April 17 and WTI on track for its lowest close since May 29.
Crude prices briefly pared losses around midday, down by just $2 a barrel, after Trump said Iran shot down a US Apache helicopter that was patrolling the Strait of Hormuz overnight. Trump added that the US, “must, of necessity, respond to this attack.”
