Oil Prices Fall After US and Iran Pause Military Strikes

Oil prices declined on Sunday after the US and Iran paused their military strikes for the second consecutive day, easing concerns of a return to all-out war.

The price of Brent crude oil fell by 4.9% to $92.02 per barrel for delivery in September, following a 3.9% drop on Friday.

This month's surge in oil prices was driven by increased fighting in the Middle East and worries about the impact on global crude supply.

The conflict has centered around the Strait of Hormuz, through which a fifth of the world's oil leaves the Persian Gulf for customers worldwide.