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Oil prices have fallen by more than 3 per cent after a ceasefire deal between Israel and Lebanon boosted hopes for a broader agreement to end the US-Israeli war with Iran, which could lead to a reopening of the Strait of Hormuz, Reuters reports.
Brent futures are down $3.05, or 3.1 per cent, at $94.76 a barrel as of 1224 GMT, while US West Texas Intermediate crude is down $3.24, or 3.4pc, at $92.78.
