Commodities
Oil Prices Plummet Amid US-Iran Military Strike Suspension
Oil prices plummeted on July 27 as the US and Iran suspended their military strikes. The suspension of attacks has boosted market hopes for a diplomatic solution to the crisis.
According to ING analysts, oil prices dropped in early trading due to the lack of new attacks from both sides. This is the first tangible sign of possible de-escalation between the two nations.
The Strait of Hormuz, a key waterway for oil shipments, saw fewer than 10 commercial vessels crossing daily over the weekend. Analyst Saul Kavonic noted that recovery in flows through the strait would be slow and partial due to tankers' apprehension about security.