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Oil prices fell below $74 per barrel, reaching a 3.5-month low as hopes for a U.S.-Iran agreement continue to ease supply concerns.
Brent crude oil plunged more than 11% as easing geopolitical concerns reduced fears of supply disruptions.
OPEC+ confirmed it will suspend oil production increases in the first quarter of 2026 to maintain market stability.
OPEC+ keeps output steady for early 2026 and adopts a new capacity assessment mechanism for setting baselines from 2027.