Oil Price Plummets Below $88 per Barrel Amid Halted US-Iran Attacks

The price of oil has plummeted by over 9% to below $88 per barrel as hopes rise that a pause in US-Iran attacks could lead to a resolution.

This sharp turnaround comes after the US ambassador to the UN said attacks on Iran had been halted for a second night in a row, giving 'talks some space.'

An Iranian army spokesperson confirmed that Tehran had halted 'retaliatory' attacks in response. The conflict's impact on oil prices has been significant: last week it hit $100 per barrel for the first time since May.