Oil Prices Plummet as US and Iran Cease Hostilities

Oil prices dipped on Sunday after a second consecutive day of no military strikes between the US and Iran, easing concerns about supply disruptions in the Persian Gulf.

The price for Brent crude oil to be delivered in September fell 4.9% to $92.02, following a 3.9% drop on Friday.

This month's surge in oil prices was driven by increased fighting in the Middle East and worries about a return to all-out war between the US and Iran.

The Strait of Hormuz, which is responsible for transporting a fifth of the world's oil, has been a central concern for the oil market since the US attack on Iran in late February.