Oil Prices Plunge as US-Iran Tensions Ease

Brent crude tumbled roughly 5.8%, falling to around $91.2 a barrel, while US West Texas Intermediate dropped about 5.6% to near $84.3 a barrel.

According to CBS News, citing informed sources in the region, the US and Iran have paused mutual airstrikes in the Middle East — a development that coincided with talks by an Omani delegation in Tehran aimed at reopening the Strait of Hormuz, a key maritime route for oil exports from Gulf states.

Last week, Brent crude broke above the psychologically significant $100-a-barrel mark for the first time since May, driven by the ongoing conflict in the Middle East. On Friday, prices dropped sharply after reports emerged that China is trying to help revive peace talks between the US and Iran. Even so, Brent still ended last week up nearly 10%.

Source: novinky.cz