Oil Prices Tumble as US Halts Strikes on Iran, Easing Regional Tensions

Deep News07:20

Oil prices opened sharply lower this week, despite the Houthi group claiming attacks on Saudi targets. The weekend's halt in US airstrikes on Iran eased concerns over energy supply risks in the Middle East.

Global benchmark Brent crude fell more than 7% within minutes of the opening session, briefly dropping below $90 per barrel before recovering to around $92. European natural gas prices also saw a significant decline.

After 13 consecutive days of strikes on Iran, the US military paused operations from Friday evening, sparking speculation about the next steps of the administration. Iran's military stated that Tehran has suspended its retaliatory operations.

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