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Oil Prices Drop 8% as U.S., Iran Pause Strikes and Resume Talks — WTI Falls to $81 on De-Escalation Hopes

Oil prices fell for a second straight session Tuesday, with West Texas Intermediate dropping to roughly $81 a barrel after President Trump said the U.S. and Iran were holding productive talks following a pause in the 13-day American bombing campaign against Iranian targets. Brent crude slid toward $87, extending Monday's roughly 8% plunge, as investors unwound the geopolitical risk premium built into prices during weeks of military escalation. Iran's foreign minister also held calls with Saudi and Omani counterparts about restoring normal shipping through the Strait of Hormuz, though both governments warned strikes could resume if diplomacy fails.