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Oil falls over 6% after U.S.-Iran clashes
Oil prices dropped by more than 6% today after the cessation of hostilities between the United States and Iran, which had lasted for two weeks. This development boosts hopes for a diplomatic solution that could de-escalate tensions and allow navigation to resume through the Strait of Hormuz. Brent crude futures fell to $90.58 per barrel, and markets observed a significant decline in the movement of ships through the Strait of Hormuz and the Bab el-Mandeb Strait. It is worth noting that the halt in hostilities is temporary, aimed at creating space for diplomacy, amid cautious anticipation of future oil supplies and the possibility of additional market support if the ongoing escalation in the Middle East continues.
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