Oil Prices Drop 5% Following US-Iran De-escalation

Oil prices declined by five percent after the United States and Iran ceased their attacks earlier this week following a two-week period of hostilities, increasing expectations for a diplomatic solution that could reduce tensions and allow navigation to resume through the Strait of Hormuz.

Brent crude futures dropped by $4.89, or 5.05 percent, to $91.89 per barrel, having briefly fallen below the key support level of $90 earlier in the session.

Meanwhile, the price of West Texas Intermediate crude fell by $4.67, or 5.23 percent, to $84.64 per barrel.