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Oil prices plunge up to 10 per cent as US-Iran deal hopes ease Gulf tensions

Oil prices plunged up to 10 per cent as reports suggested the US and Iran are close to a deal to ease Gulf tensions, reducing fears of supply disruption in the Strait of Hormuz. While crude declined sharply, gold prices surged nearly 2 per cent as investors reacted to ongoing geopolitical uncertainty

6 May 2026 10:19 pm