Oil prices dropped in early Asian trade on Tuesday after President Trump said he had paused a planned military strike on Iran to allow negotiations to continue. At the time of writing, Brent front-month futures were trading at $109.70 per barrel, down 2.11%, while West Texas Intermediate front-month futures were changing hands at $102.80, down 1.55%. The decline comes after oil prices surged on Monday due to drone strikes on the UAE and Saudi Arabia after the Trump-Xi summit had failed to produce any breakthrough on reopening the Strait of Hormuz.…

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