Brent Crude Falls 10% as Diplomatic Talks Begin

Brent crude prices have fallen by around 10% over three sessions to $87.05 a barrel, while West Texas Intermediate has dropped to $81.59.

The decline follows a quiet halt in US strikes against Iran on Friday after nearly two weeks of hostilities, without any formal announcement.

Tehran said it had suspended retaliatory operations and entered talks with Oman regarding navigation through the Strait of Hormuz.

The price response tracked the escalation almost linearly, with Brent peaking at $96 and WTI near $92 before Friday's 3% retreat.

Despite the recent drop, crude prices are still up roughly 25% this month even after the three-session collapse, and were up nearly 40% at the peak in July.