Oil falls 6% after attack halt
Oil prices dropped by more than 6% after the United States and Iran halted attacks that had lasted for two weeks, raising hopes of easing the escalation and resuming navigation through the Strait of Hormuz. Brent crude futures fell to $90.88 per barrel, and West Texas Intermediate to $83.84, marking their lowest levels in about a week. An American official stated that the cessation of attacks is temporary to open the door for diplomatic efforts. Meanwhile, shipping data indicates that fewer than 10 ships pass through the strait daily, reflecting the impact of tensions on oil exports.
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