US-Iran Standdown Sends Oil Prices Plummeting
Oil prices fell sharply on Sunday after the United States and Iran paused their attacks in the Persian Gulf for the second consecutive day.
The price of a barrel of Brent crude oil, set to be delivered in September, dropped by 4.9% to $92.02 shortly after trading resumed.
This decline followed a 3.9% drop on Friday, which had already pushed prices down from a two-month high reached the previous week.