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Story summary
- Headlines about the Middle East conflict contributed to oil market volatility.
- Hedge funds using similar algorithms reacted to the headlines.
- Oil prices surged over 30% to nearly $120, then fell to $87.
- U.S. President Donald Trump said war would not last indefinitely, contributing to the decline.
- Gas prices rose to $3.53 per gallon as California Governor Gavin Newsom argued that a gas tax holiday would not guarantee lower prices.
