Oil Prices Slide Amid Easing Tensions in Persian Gulf
Oil prices retreated from their two-month high after the US and Iran paused their 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 shortly after trading resumed on Sunday, following a 3.9% decline on Friday.
This comes as the US and Iran refrained from launching military strikes in the region for a second straight day, easing concerns over supply disruptions that could drive up oil prices further.
The Strait of Hormuz, which accounts for a fifth of the world's oil exports, has been at the center of concern since the US and Israel attacked Iran in late February. The conflict has largely halted shipping traffic through the narrow waterway.