Oil Prices Plummet as Iran Hints at Ceasefire Conditional on US Pause
Oil prices plummeted on Sunday after Iran signaled that it would halt its attacks if the US maintains its bombing pause. The development came as a relief to markets, which had been on edge for nearly two weeks due to escalating conflict.
The price of Brent crude oil fell by over 7% to touch a low of $90.9 a barrel, while West Texas Intermediate crude oil also dropped by as much as 7% to reach $84.
Tehran has made it clear that its stance is 'attack for attack,' with Iranian officials stating that they will stop their operations once the US stops bombing. This message has already been conveyed to Washington, according to a senior Iranian official.
However, there is still skepticism about the halt in attacks, with some analysts viewing the pause as tactical rather than genuine. The US had suspended its bombing campaign after 13 nights of strikes, reportedly due to concerns about depleting weapons stockpiles and running low on viable targets.