US and Iran Stand Down, Oil Prices Tumble
Oil prices have retreated in early trading after a two-month high was reached last week. The decline follows no military strikes from the US and Iran for a second consecutive day.
The price of Brent crude oil to be delivered in September dropped by 4.9% to $92.02, shortly after trading resumed on Sunday.
This is in addition to a 3.9% drop on Friday, which further emphasizes the downward trend seen in oil prices.