Oil prices close at lowest level in over a week after US halts Iran strikes
Oil prices fell to their lowest in more than a week after the US paused airstrikes on Iran, raising hopes for resumed shipping through the Strait of Hormuz.
Key Takeaways
AIOil prices closed Monday at their lowest level in more than a week, after the United States announced a temporary halt to its aerial military campaign against Iran to allow for diplomatic efforts, boosting hopes for the resumption of shipping through the Strait of Hormuz.
Brent crude futures dropped $8.42, or 8.7%, to $88.36 per barrel, while US West Texas Intermediate crude fell $6.70, or 7.5%, to $82.61 per barrel.
Analysts noted that the suspension of military strikes eased concerns but has not yet restored oil flows to normal levels, as shipping activity through the Strait of Hormuz remains subdued.