Iran-US Conflict Eases, but Oil Prices Plummet Amid Fears of Broader Regional War

The Iran-US conflict has reached a temporary lull after Tehran announced it had halted retaliatory attacks against US allies in the Middle East. Washington has also paused airstrikes, but officials on both sides warn that the situation could escalate further if fighting resumes.

Tehran's decision to suspend its attacks was made as Washington refrained from attacking Iran for the second night in a row. A top military official in Tehran threatened to widen Iran's attacks across the region, suggesting that Iran-allied Houthi rebels in Yemen could step up attacks on Red Sea shipping traffic.

The overnight lull came two days ahead of a key meeting scheduled in the region, which may address the ongoing tensions. Oil prices suffered one of the biggest falls in recent years as the conflict eased, with Brent oil falling 13.46% to $85.41 per barrel and US WTI dropping 7.5% to $82.61.