Oil Prices Decline Sharply Amid Reports of US-Iran Hostilities Pause

• Oil prices fell over 5% as US and Iran paused hostilities.
• Iran indicated a halt to attacks if the US pause continues.
• De-escalation follows two weeks of conflict and prior oil spikes.

Global oil prices saw a notable decline, with international benchmark Brent crude falling by as much as 6% to trade below $91 a barrel, while U.S. West Texas Intermediate (WTI) crude dropped over 5% to $84.84. This sharp downturn follows reports that Iran indicated a suspension of its attacks, contingent on a sustained pause in U.S. hostilities. The de-escalation comes after nearly two weeks of heightened conflict, which had previously driven oil futures to $100 a barrel last week following Houthi attacks on Saudi oil tankers [STORY_ID: 8e8cafa2-2cc4-4389-8df3-ad175ebb2b14]. U.S. officials confirmed a pause in strikes, with the stated aim of “giving talks some space,” although they emphasized that all options remain on the table. The market reaction reflects an easing of concerns regarding potential disruptions to global oil supply.