Oil Prices Ease After US and Iran Pause Attacks

Oil prices eased on Sunday after the US and Iran paused their attacks for a second consecutive day, leading to a decline in Brent crude oil. The price of a barrel of Brent crude oil to be delivered in September dropped by 4.9% to $92.02.

This comes after a two-month high was set last week when the price briefly hit $102 per barrel, which is $30 more than it was at the start of the month. The increased fighting in the Middle East and concerns about a return to all-out war have contributed to the surge in oil prices.

The Strait of Hormuz has been a central concern for the oil market since the US and Israel attacked Iran in late February, as it is the route through which a fifth of the world's oil typically leaves the Persian Gulf. Oil producers have searched for alternative routes but these are also under pressure.