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Oil prices fell on Monday as investors pared geopolitical risk premiums after U.S. President Donald Trump said he had called off a planned strike on Iran.
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The latest peace proposal calls for warring parties to return to negotiations and continue working out some of the thorny issues that derailed diplomatic efforts.
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Tehran has not responded to the suggestion that new talks are imminent. Trump has previously said a negotiated end to the war is close, only for strikes to resume.
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President Donald Trump announced "major combat operations" against Iran on Feb. 28, with massive joint U.S.-Israeli strikes.
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