Oil Prices Fall Amid Hopes for De-escalation in Middle East Conflict
Oil prices experienced a sharp decline as hopes for a de-escalation in the Middle East conflict grew, particularly after the US paused strikes on Iran.
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Oil prices fall as US pauses strikes on Iran over strait of Hormuz
Brent crude drops 6% to below $91 a barrel, while shares in energy firms BP and Shell slide on FTSE 100 Business live – latest updates Oil prices have dropped by 6% as traders bet that a pause in US attacks on Iran could prevent an escalation in the conflict that would further restrict global supply. Brent crude, the international benchmark for oil, fell 6% to below $91 a barrel on Monday morning, after briefly dropping below $90 earlier in the morning. Futures prices hit $100 last week whe...
By Jasper Jolly
Read full article →Oil prices fall back sharply on renewed Iran war ceasefire hopes
The cost of benchmark Brent crude dropped 8% to 87.55 US dollars a barrel at one stage in ongoing heightened volatility in oil and gas markets.
By Holly Williams
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