Oil Prices Plummet as US-Iran Tensions Ease

Oil prices continued to decline on Tuesday as markets reacted to a pause in military attacks between the United States and Iran, easing immediate concerns over potential disruptions to global energy supplies.

The Brent crude futures fell $1.47, or 1.66%, to $86.89 per barrel by 0326 GMT, reaching its lowest level since July 20. West Texas Intermediate (WTI) crude dropped $1.45, or 1.76%, to $81.16 per barrel, also hitting its lowest level since July 20.

The decline in prices was partly due to the U.S. abruptly suspending its campaign of air strikes against Iran over the weekend, which had already caused oil prices to plummet by about 8% in the previous session.