Oil declines 5% after US-Iran ceasefire
Oil prices fell by 5% today, Monday, following a halt in attacks between the United States and Iran. Washington and Tehran temporarily stopped hostilities, boosting hopes for a diplomatic solution that would reduce escalation and allow navigation through the Strait of Hormuz to resume. Brent crude declined to $91.89 per barrel, while West Texas Intermediate fell to $84.64, marking their lowest levels in nearly a week. U.S. reports indicate that the decision to pause the strikes was made to give diplomacy a chance, amid expectations of reaching a broader understanding regarding control of the Strait, after prices had exceeded $100 per barrel during the previous escalation.
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