US-Iran Conflict Pause Leads to Oil Price Decline

The US-Iran conflict has led to a decrease in oil prices, with Brent crude dropping 5.2% to around $92 a barrel and U.S. crude falling 5.4% to $84.45.

This decline is due to the pause in tit-for-tat strikes between the two countries, which has boosted hopes for a return to their ceasefire and negotiations on reopening the Strait of Hormuz.

Tehran said it would stop its retaliatory attacks on regional neighbors, providing relief to Gulf shipping and the oil industry.