Oil Prices Rebound Slightly After US-Iran Tensions Ease

Oil prices declined on Sunday after the US and Iran refrained from launching military strikes in the Persian Gulf for a second consecutive day.

The price of Brent crude oil, the international standard, dropped 4.9% to $92.02 per barrel, following a 3.9% decline on Friday.

This comes after Brent crude briefly reached $102 a barrel last week, its highest level since May, due to increased fighting in the Middle East and concerns over a return to all-out war that could further slow global oil flows.

The Strait of Hormuz, through which a fifth of the world's oil is transported, has been a central concern for the oil market since the US and Israel attacked Iran in late February.