US-Iran Pause Sends Global Oil Prices Plummeting to $92

Global oil prices plummeted after the US and Iran paused their 13-day military escalation, sparking hopes for a negotiated settlement in the Gulf. Brent crude sank to $92 as the US held fire over the weekend without issuing a formal explanation.

The sudden drop comes as diplomatic negotiations brokered by Oman gained momentum, with Iranian foreign ministry spokesman Esmaeil Baqaei confirming that Tehran is engaging with Omani mediators to establish a framework for managing the Strait of Hormuz.

Defense analysts point to a logistical reality behind the American pause: a severe depletion of US air defense interceptor inventories. The Pentagon has reportedly expended over 1,200 Patriot missiles at an estimated replacement cost of $4 million per unit.