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Crude oil prices fall for second day as market hopes for diplomatic resolution to Iran war

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Crude oil prices fell Tuesday for a second consecutive session, as the market hopes the U.S. and Iran will reach a diplomatic settlement to the conflict that has disrupted global energy supplies for eight months.

U.S. West Texas Intermediate futures lost 37 cents to close at $96.09 a barrel after dipping below $95 earlier in the session. Brent crude, the international benchmark, shed $1.17 to settle at $103.60.

The move lower came after rumors circulated the U.S. and Iran were making progress toward a deal.

Oil sold off more than 7% on Monday after Washington and Tehran signaled they were both open to discussions to reach a settlement.

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