Oil drops as US and Iran halt attacks

Oil prices fell over 9% following a pause in hostilities between the US and Iran, with the US ambassador to the UN confirming attacks had been halted for the second night to allow negotiations. This easing of tensions led to Brent crude dropping below $88 a barrel, marking a significant decline from recent highs above $100. The conflict had previously caused oil prices to rise sharply due to disruptions in the Strait of Hormuz and attacks on oil tankers, impacting global energy supplies and fuel costs.

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