Oil Prices Fall Amid Reduced Tension in Persian Gulf

Oil prices eased on Sunday after the United States and Iran refrained from launching military strikes in the Persian Gulf for a second straight day.

The price for a barrel of Brent crude oil to be delivered in September dropped 4.9% to $92.02, following a 3.9% drop on Friday.

This decline came after a two-month high set last week when Brent crude briefly hit $102 a barrel, which was $30 more than the most actively traded contract in the Brent market was going for early in the month.

The ongoing conflict with Iran has raised concerns about the ability of tankers to pass safely through the Strait of Hormuz, a narrow strip of water off Iran's coast that is the route through which a fifth of the world's oil typically leaves the Persian Gulf and heads to customers worldwide.