Oil Prices Ease After US and Iran Pause Attacks in Persian Gulf

Oil prices have eased after the US and Iran paused their attacks in the Persian Gulf for a second straight day.

The price of Brent crude oil, the international standard, fell by 4.9% to $92.02 per barrel shortly after trading resumed on Sunday.

This decline followed a 3.9% drop on Friday and a two-month high set last week when Brent crude briefly hit $102 a barrel.

The surge in oil prices this month was due to increased fighting in the Middle East and worries about a return to all-out war, which would further slow the global flow of crude.