Oil Prices Plummet Amid Pause in Persian Gulf Conflict

The global oil market saw a sharp drop in prices after reports emerged that Iran and the US had paused their military actions in the Persian Gulf. The conflict had been ongoing for almost two weeks, with both countries engaging in air strikes.

The pause in hostilities led to a surge in shares on the Australian stock market, which saw its best session since mid-June. Oil prices were sharply lower as a result of the development.