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Oil falls 5% after US-Iran tensions ease
Oil prices experienced a significant decline of 5% following the halt of hostilities between the United States and Iran earlier this week, after two weeks of military escalation. This development has boosted hopes for a diplomatic solution that could ease tensions and restore maritime traffic through the Strait of Hormuz. Brent crude oil dropped by $4.89 to reach $91.89 per barrel, while U.S. West Texas Intermediate (WTI) registered $84.64, the lowest level in a week. Officials confirmed that the decision to temporarily halt hostilities is aimed at paving the way for diplomatic efforts, as the number of vessels transiting the Strait of Hormuz fell to fewer than 10 per day.
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