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Oil drops more than 5% as US-Iran pause fire boosts risk sentiment
Brent crude was down 5.3% to $91.68 a barrel after trading near $100 last week, while disruptions around Hormuz and the Red Sea still pose an energy and shipping risk.
Oil prices fell more than 5% as the US paused strikes on Iran for a second night in a row, with military officials advising Donald Trump to stop the bombing campaign, according to Guardian Business’s business live coverage.
Brent crude, the international benchmark, was down 5.3% to $91.68 a barrel after it had hit $100 last week. Iran said it would pause retaliatory attacks against US allies in the region, and analysts cited by the outlet said the pause is not a formal ceasefire but is being treated by markets as an opening for diplomacy.
The coverage said the main risk remains energy and shipping disruptions. Traffic through Hormuz is still severely disrupted, and the conflict has broadened into the Red Sea, where Iran-backed Houthi forces reportedly launched missile and drone attacks against Saudi energy infrastructure around Jizan and Yanbu over the weekend, prompting retaliatory Saudi strikes that raise the prospect of simultaneous disruption to Gulf and Red Sea export routes.
Latest closeWTI crude $90.47 ▼1.9%|Brent $98.38 ▼2.3%