Oil declines over 6% after US-Iran clashes
Oil prices experienced a sharp decline of over 6% after the United States and Iran halted their two-week exchange of attacks, boosting hopes for a diplomatic solution and easing tensions in the Gulf region. The futures of Brent crude fell by 6.4% to $90.58 per barrel, while West Texas Intermediate dropped to $83.51, the lowest level in about a week. Brent's price had exceeded $100 at the start of the escalation. The recent decline was attributed to the cessation of military escalation and the likelihood of resuming navigation through the Strait of Hormuz.
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