Oil Prices Plummet as US and Iran Pause Military Action

Oil prices plummeted in early trading as the US and Iran paused military action, leading to a sharp decline in Brent crude. The respite came after 13 days of strikes, with both countries holding back on further attacks over the last two days.

Brent retreated aggressively, dropping more than 7% at one stage and briefly dipping below $90 per barrel.

CBOT wheat prices also extended losses for a second consecutive session, settling over 2.6% lower on Friday.