Oil slips 4% after US, Iran pause fighting over weekend
Oil prices tumbled 4% on Monday after the U.S. and Iran paused strikes over the weekend after two weeks of attacks. Brent crude futures fell $3.96, or 4.1%, to $92.82 by 0329 GMT, after briefly slipping under the key support level of $90. U.S. West Texas Intermediate crude was at $85.29 a barrel, down $4.02, or 4.5%.
Both contracts are trading at their lowest levels in nearly a week after rising for the past three weeks. Brent had reached $100 per barrel as the conflict reduced oil shipments via the Strait of Hormuz. Mike Waltz, the U.S. ambassador to the United Nations, told "Fox News Sunday" and other U.S. media that President Donald Trump had decided to pause U.S. attacks to allow more time for diplomacy. ING analysts stated that "Oil prices fell sharply in early trading as the U.S. and Iran refrained from further military action, offering the first tangible signs of a potential de-escalation in tensions." Shipping data from Kpler showed fewer than 10 commodity vessels passed through the Strait of Hormuz daily during the weekend. Saul Kavonic, an MST Marquee analyst, said any rebound in flows through the Strait of Hormuz is likely to prove slow and partial.
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Oil prices experienced a significant drop on Monday following a weekend pause in strikes between the U.S. and Iran. This development has sparked
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