MarketsSteven Cook, director of the Middle East program at the Council on Foreign Relations, says the US and Israel appear to be planning a new attack on Iran. Source: BloombergBy Kanoko Matsuyama and Lorelei SmillieUpdated on
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Oil dropped as traders assessed fresh diplomatic efforts in the Middle East to avert a potential restart of US military strikes on Iran.
Brent fell below $114 a barrel after rising by more than 1% in the previous session, while West Texas Intermediate was near $101 a barrel. US Vice President JD Vance reached out to Mohsen Rezaei, secretary of Iran’s top security body, according to a Wall Street Journal report, while Foreign Minister Abbas Araghchi said Tehran continued to give diplomacy a chance.