US Halts Iran Attack, Oil Prices Plunge as Hormuz Strait Hopes Rise
The US has halted its military operations against Iran after 13 days of attacks, giving rise to hopes for the reopening of the Hormuz Strait and a subsequent decline in oil prices.
On Monday, Brent crude oil dropped by more than seven percent, falling below $90 per barrel. Just last week, it had risen above $100 per barrel for the first time since May.
Ismail Bakayi, Iranian Foreign Ministry spokesperson, stated that progress has been made in talks with Oman regarding the management of Hormuz, focusing on respecting sovereign rights and ensuring safe passage through the strait.
A report mentioned Pakistan's attempt to restart peace talks between the US and Iran at China's initiative. National Australia Bank's Sally Auld said developments in the Middle East over the weekend have moved in a positive direction.