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U.S. President Donald Trump has ordered an investigation into major oil companies, citing slow declines in gasoline prices amid growing scrutiny over the Middle East war's economic effects.
Oil prices edged higher Friday as doubts surfaced over a newly signed US-Iran peace agreement, with cancelled talks in Switzerland and intensifying Israeli military operations in Lebanon fuelling market uncertainty.
Oil prices dropped more than 2% after the US and Iran signed a ceasefire agreement, with expectations that sanctions relief will boost crude supplies and reopen the Strait of Hormuz to shipping traffic.