Oil Prices Ease as US-Iran Tensions Temporarily Subside

Oil prices have retreated after the US and Iran paused their attacks for a second consecutive day.

The price of Brent crude oil dropped by 4.9% to $92.02 per barrel, following a 3.9% decline on Friday.

This comes as the market had surged in July due to increased tensions in the Middle East and concerns over a return to all-out war.

The Strait of Hormuz, through which a fifth of global oil is transported, has been a central concern for the oil market since the US-Iran conflict escalated in late February.