US-Iran Attack Pause Eases Oil Prices Amid Ongoing Middle East Tensions

Oil prices eased on Sunday after the US and Iran paused their attacks for a second straight day. The price of Brent crude oil, the international standard, dropped 4.9% to $92.02 per barrel in early trading, following a 3.9% decline on Friday.

The surge in oil prices this month was driven by increased fighting in the Middle East and concerns about a return to all-out war, which would further slow global crude flows. The Strait of Hormuz, a narrow waterway off Iran's coast, has been a central concern for the oil market since the US and Israel attacked Iran in late February.

Oil producers have sought alternative routes, but these are under pressure too. Last week, attacks hit Saudi oil tankers using the Red Sea to leave the region. With less oil available for customers to buy, prices rise, and fuel costs follow suit.

US gasoline prices averaged $4.11 per gallon on Sunday, up from $3.90 a month ago and just $3.15 a year ago, according to motor club AAA. Elevated oil prices could lead to higher shipping and transportation costs for goods worldwide, including groceries.