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Oil drops below $90 amid lower supply risks
Oil prices have fallen significantly, with the Brent blend dropping over 9% to below $88 per barrel, following the United States' suspension of its attacks on Iran and a slowdown in tensions in the Strait of Hormuz after days of escalation. Similarly, West Texas Intermediate contracts declined near $82, amid concerns about the impact of halted U.S. strikes on the stability of the oil market, despite ongoing fears of a global inflation shock caused by the U.S.-Iran conflict. It is worth noting that this comes amidst halted operations at Russian ports and the influence of other conflicts on global supplies, and this decline is seen as an indicator of decreased market pressure after previous upward movements.
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