US-Iran Tensions Eased: Oil Prices Plummet Amid Reduced Military Strikes

Oil prices have eased in early trading on Sunday after the United States and Iran paused their attacks for a second straight day. This development has led to a decline in crude oil prices, with Brent crude dropping 4.9% to $92.02 per barrel shortly after trading resumed.

The price drop follows a 3.9% decrease on Friday, bringing the total decline to nearly 8% since last week's two-month high of $100.01.

The increased fighting in the Middle East and concerns over a return to all-out war had driven up oil prices earlier this month, with Brent crude reaching its highest level since early June.