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Oil Prices Fall $1 on Peace Hopes

Oil prices dropped more than $1 as hopes for peace talks regarding the Middle East and Ukraine weighed on markets. Brent and WTI futures both declined following reports of diplomatic efforts and rising US crude inventories.

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FILE PHOTO: A drone view shows a Chinese-flagged oil tanker moored at an oil terminal at Tsing Yi port, with Tsing Ma bridge in the background, in Hong Kong, China March 19, 2026. REUTERS/Joyce Zhou/File Photo

Oil prices fell more than $1 during Thursday morning trading as optimism over potential peace talks in the Middle East and Ukraine pressured global energy markets. Brent Crude Oil dropped $1.14 to $91.62 a barrel, while West Texas Oil lost $1.04 to $85.49.