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Oil prices tumbled more than six per cent on Monday after the US and Iran paused strikes over the weekend after two weeks of attacks, raising hopes of a diplomatic solution that would de-escalate the conflict and allow shipping to resume in the Strait of Hormuz.
Brent crude futures fell $6.20, or 6.4pc, to $90.58 by 0620 GMT after briefly slipping under the key support level of $90 earlier in the session.
US West Texas Intermediate crude was at $83.51 a barrel, down $5.80, or 6.5pc.
Both contracts are trading at their lowest levels in nearly a week after rising for the past three weeks.
