Oil Prices Plummet as US Halt Airstrikes on Iran

Oil prices plummeted by over 6% after the US halted airstrikes on Iran, sparking hopes of easing tensions in the Middle East.

The move led to a significant drop in Brent crude, falling to around $91 a barrel, while West Texas Intermediate traded below $84 a barrel. European natural gas prices also dropped as much as 7.8% during the session.

The halt in airstrikes was seen as a positive development by traders, who had been concerned about supply disruptions in the region. Iran's military reportedly suspended retaliatory attacks following the US decision to pause its air campaign against Iran.

However, tensions in the region have not fully subsided, with Yemen's Iran-backed Houthi rebels claiming they attacked Saudi Aramco-linked facilities in Jizan and Yanbu on Saudi Arabia's Red Sea coast. The development comes as global oil prices have risen about 30% this month due to the conflict between the US and Iran.