US-Iran Tensions Ease, Oil Prices Plummet

Oil prices continue to decline as tensions between the US and Iran ease. Brent crude futures dropped by $1.47, or 1.66 per cent, to $86.89 a barrel, while U.S. West Texas Intermediate crude fell by $1.45, or 1.76 per cent, to $81.16.

The decline comes as the US and Iran pause their attacks on each other, with President Donald Trump stating that 'there's a chance of a resolution' in the conflict.

Analysts note that the relief from an off-ramp has taken the heat out of prices and eased concerns around Houthi attacks on Saudi infrastructure. However, Tony Sycamore, an analyst at IG, warns that the situation remains 'highly fluid.'