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Oil prices retreated and stocks rallied after President Trump called off plans for another day of strikes on Iran, saying that a peace deal could be within reach.
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The US president says a "great settlement" to end the conflict has been reached. Iran says reports of a deal are "speculative".
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Oil prices fell on Friday after U.S. President Donald Trump said Washington had reached a framework agreement with Iran, raising hopes that tensions in the Middle East could ease.
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President Trump had previously been amping up his rhetoric against Iran.
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