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This is completely crazy.
Today we saw one of the biggest oil price swings ever.
First, oil prices jumped 31%, rising from $91 to $119 because of the U.S.–Iran war and the shutdown of the Strait of Hormuz, a key route for global oil supply.
But only 19 hours later, oil prices crashed 32% after two major developments:
G7 countries announced they may release about 400 million barrels of oil from emergency reserves.
Trump signaled that the war could end soon, which reduced fear in the market.
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