Oil Prices Plummet After US-Iraq Cease-Fire

Oil prices declined on Sunday after the United States and Iraq halted military strikes for the second straight day. This move led to a decrease in the price of Brent crude oil, with a barrel expected to be delivered in September falling by 4.9% to $92.02.

The decline followed a 3.9% drop on Friday and marks a reversal from last week's high of $102 a barrel, which was reached amid concerns about oil tanker traffic through the Strait of Hormuz.