Oil Prices Plummet 4.9% After US and Iran Pause Attacks

The US and Iran have paused their attacks for three consecutive nights, resulting in a significant drop in oil prices. The price of oil has fallen by around 4.9% to $92.02 per barrel, after surging to over $118 per barrel at the peak of the conflict.

The current tension started in late February when US and Israeli strikes on Iranian targets led to a sharp escalation cycle. Iranian retaliation included attacks on tankers and other maritime targets, causing significant interruptions in the Strait of Hormuz, a key transit route for nearly 20% of global oil supply.

Crypto assets were also affected by the conflict, with Bitcoin slipping below $73K during the sharpest escalations. However, as ceasefire signals emerged, Bitcoin recovered towards $72K.