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Oil prices fell sharply after Axios reported that the U.S. and Iran were closing in on an agreement to bring an end to the conflict.
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Global stocks jumped and oil prices fell in reaction to Trump's statement, which hailed "Great Progress" toward a peace deal. The mission, dubbed "Project Freedom," had just begun.
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Germany's largest airline, Lufthansa, is taking on additional fuel costs as the Middle East conflict poses 'enormous challenges.'
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The price of oil plunged and markets surged early Wednesday after a new report that the U.S. believed it was nearing a deal to end the war with Iran and eventually reopen the Strait of Hormuz.
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No extra price rises are slated for the UK, which saw better than expected sales in the first quarter.
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Fuel is airlines' second-largest expense, and getting even costlier due to the U.S. war with Iran. Airlines are looking for ways to cope, starting by hiking checked baggage fees for most fliers.
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The money would go toward security improvements as part of an East Wing construction project, including a new ballroom that President Trump has said would be built with private dollars.
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The U.S. military's Central Command also said two American-flagged merchant ships have "successfully transited through the Strait of Hormuz."
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