Iran appears to be standing down, which is a good thing for all parties concerned and a very good thing for the world, thepresident saidfrom the White House.

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according to theU.S. Energy Information Administration. By comparison,At the time,however,the U.S. was a net importer of oil. It is now the worlds largest producer,who was blamed for masterminding the slayings of American troops in Iraq. Because there were no casualties at the bases,it was producing 5.6 million barrels per day at the end of 2010.Oilprices plunged afterPresident Trumpemphasized a de-escalation in the conflict with Iran when headdressed the nation Wednesday.Quotes displayed in real-time or delayed by at least 15 minutes. Market data provided byFactset. Powered and implemented byFactSet Digital SolutionsLegal Statement. Mutual Fund and ETF data provided byRefinitiv Lipper.GOLD BEST PROTECTION AS US-IRAN TENSIONS HEAT UP: GOLDMAN SACHSQuotes displayed in real-time or delayed by at least 15 minutes. Market data provided byFactset. Powered and implemented byFactSet Digital SolutionsLegal Statement. Mutual Fund and ETF data provided byRefinitiv Lipper.Irans attackfollowed threats of harsh revenge from Tehran after a U.S. strike killed high-ranking Iranian Gen. Qassem Soleimani,some analysts said the move was an attempt by the Islamic Republic to save face without significantly inflaming tensions with Washington.Wednesdays selloff marked a sharp contrast from the prior eveningwhen the U.S. benchmark hitan overnight high of $65.65 in the aftermath of the Iranian attacks.How to get the most out of your savings accountUS airlines closing in on new government assistance packagepumping out 12.7 million barrels per day as of November,

West Texas Intermediate crude oil shed 4.8 percent to close at $59.72a barrel. Ahead of Trumps speech, oil was already deeply in the redafter a weekly inventory report showed a surprise build of U.S. stockpiles.

Brent crude oil, the international benchmark, was lower by 4percent at $65.55a barrel after reaching $71.99 in overnight trading.

If this had happened five years ago, I certainly think you have a very strong argument that oil prices could hit triple digits, Patrick DeHann, head of petroleum analysis at GasBuddy,told FOX Business Stuart Varneyon Monday. But weve added the capacity of 7.5 million barrels a day versus where we were a decade ago, so weve come a long way, and thats perhaps given the White House new options to deal with the Middle East.

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In the past, periods of tensionin the Middle East caused oil to spike as investors priced in the possibility that Iran might close the Strait of Hormuz, the worlds most important oil choke point, which sees about 21 million barrels, or 21 percent of the global supply, pass through each day.

Weekly oil inventories are up and the price is down after the Iranian missile strike. FOX Business Jeff Flock with more.

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