Oil Prices Plummet After US-Iran Pause Military Strikes

Oil prices fell Sunday after the US and Iran paused their military strikes for a second straight day, easing concerns of a return to all-out war in the Middle East.

The price for a barrel of Brent crude oil, the international standard, dropped 4.9% to $92.02, following a 3.9% decline on Friday.

This comes after Brent crude briefly hit $102 a barrel last week, its highest level since May and $30 more than its value at the start of the month.

The Strait of Hormuz, which is the route through which a fifth of the world's oil leaves the Persian Gulf, has been a major concern for the oil market since the US and Israel attacked Iran in late February.