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Global oil prices settled at their lowest level in nearly eight weeks on Thursday after President Donald Trump announced he was canceling planned fresh strikes on Iran, reversing a threat he had issued earlier that same day.
The intraday whipsaw — from strike threat to stand-down within a single session — drained the geopolitical risk premium that had been supporting crude, closing prices at their weakest in almost two months.
What Happened: A Same-Day Reversal The price driver here was executive-branch signaling, not a supply data print or an OPEC decision.
Trump had raised the prospect of new strikes on Iran earlier Thursday; by settlement, he had withdrawn that threat.
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