Oil Prices Ease Amid US-Iran Ceasefire

Oil prices retreated on Sunday after the US and Iran paused their attacks for a second straight day, leading to a decline in Brent crude oil. The price dropped by 4.9% to $92.02 per barrel for September delivery, following a 3.9% drop on Friday.

The surge in oil prices this month was driven by increased fighting in the Middle East and concerns over a return to all-out war, which would further slow global crude oil supplies.

Oil producers have been searching for alternative routes since attacks halted shipping traffic through the Strait of Hormuz, but those options are also under pressure. Last week, Saudi oil tankers using the Red Sea were attacked.