Oil Market Rebounds as US Halts Iran Strikes, But Risks Remain High

The international crude oil market experienced a sharp drop in prices following news that the U.S. had paused military strikes against Iran.

Brent crude plummeted roughly 6% to around $91 per barrel, while West Texas Intermediate (WTI) fell more than 5% to breach the $84 per barrel mark.

The sudden easing of tensions in the Middle East prompted a sharp unwinding of risk aversion across the energy sector, with European natural gas prices briefly plunging 7.8% intraday.

The U.S. had been planning airstrikes against Iran following a meeting between President Donald Trump and senior advisors on July 24, but ultimately decided to halt operations after 13 consecutive days of airstrikes.