WIRE — Global oil prices witnessed a sharp decline in early trading on Sunday after the United States and Iran avoided launching fresh military strikes in the Persian Gulf for the second consecutive day. The temporary pause in hostilities eased immediate concerns over disruptions to global crude supplies, prompting traders to book profits after oil prices had surged to a two-month high last week. Brent crude,the global benchmark, dropped 4.9 per cent to USD 92.02 per barrel in early trade after markets reopened. The decline came after the benchmark had already slipped 3.9 per cent on Friday.
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