Oil Prices Plummet as US-Iran Conflict Pauses Temporarily
Summary
Crude oil prices fell sharply after a temporary halt in the US-Iran conflict, with Brent crude dropping 11.3% and WTI falling about 7%.
Key Points
- Crude oil prices dropped sharply after a temporary halt in the US-Iran conflict.
- Brent crude futures closed down 11.3 percent at $85.87 per barrel.
- US WTI crude prices fell by about 7 percent to $82.61 per barrel.
- Shipping through the Strait of Hormuz remains well below pre-conflict levels.
