Iran-US Tensions Ease as Airstrikes Pause, Crude Prices Drop

Tensions between the US and Iran have eased somewhat after a pause in airstrikes on Friday, Saturday, and Sunday nights. The US had been carrying out strikes on Iran for 13 consecutive nights prior to this break.

The pause has provided some relief to the oil industry, with crude prices soaring earlier due to the escalation of hostilities. Brent broke back above $100 a barrel last week for the first time since May, but fell by more than seven percent on Monday, briefly dropping below $90.

Iran's army spokesman Mohammad Akraminia said that Tehran would stop its retaliatory attacks on regional neighbours, handing Gulf shipping and the oil industry a respite. However, concerns remain about the sustainability of the current peace, with worries about a reignition of inflation and interest rate hikes still present.