US-Iran Tensions Ease, Oil Prices Stabilize

Oil prices have eased following a temporary pause in US and Iranian attacks. The tensions had led to a surge in oil prices, but the respite has provided some relief to markets.

The recent escalation in tensions between the two countries had pushed oil prices up by around 10% over the past week. However, with the announcement of a temporary truce, prices have stabilized and are now edging lower.

The Brent crude price, which had risen to $68 per barrel on Tuesday, has declined to around $66 per barrel as of Wednesday morning. The West Texas Intermediate (WTI) price also fell by about 4% to $62 per barrel.