Oil drops 5% amid regional stability
Oil prices dropped sharply after the U.S. halted strikes on Iran for two nights, with Brent crude falling by 5.58% to $91.38 per barrel, and West Texas Intermediate declining by 5.46% to $84.43. The decline comes amid expectations of paving the way for negotiations. Meanwhile, silver prices rose by more than 3% to $60.02 per ounce, and palladium increased by 3% to $1,280.67, following Washington's announcement to halt the strikes and amidst ongoing regional tensions since July, after attacks targeted ships in the Strait of Hormuz and U.S. responses to targets inside Iran.
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