Oil Price Plummets on US-Iran Hostility Pause

The price of oil has plummeted by more than 9% after a pause in attacks between the US and Iran sparked hopes of de-escalation.

Brent crude, the global benchmark for oil, fell to $87.59 per barrel at one point, marking a sharp turnaround from last week's surge above $100.

The drop came after the US ambassador to the UN said attacks on Iran had been halted for a second night in a row to give 'talks some space', and an Iranian army spokesperson confirmed Tehran had ceased 'retaliatory' attacks.

Susannah Streeter, chief investment strategist at Wealth Club, noted that markets remain cautious due to the ongoing conflict's twists and turns.