US-Iran Ceasefire Brings Brief Respite to Oil Markets

Tensions between Iran and the US have eased slightly after both countries agreed to halt hostilities in the Middle East, providing some relief to Gulf shipping and the oil industry.

The decision comes as Donald Trump's UN envoy said the president is giving talks 'some space', with Tehran announcing it has halted retaliatory attacks against Washington's allies in the region.

This pause in combat has led to a decline in oil prices, with North Sea Brent crude dropping by over 7% to below $90 per barrel and West Texas Intermediate falling by 4% to $85.45 per barrel.

The temporary ceasefire has also revived hopes for a return to negotiations between the two countries, although some analysts have suggested that the US may be running low on munitions supplies.