Oil Prices Ease After U.S. and Iran Hit Pause on Attacks

MIDDLE EAST – The price of oil has fallen sharply after a pause in attacks between the U.S. and Iran, which officials say could help to de-escalate the conflict.

The United States and Iran refrained from launching military strikes in the Persian Gulf for a second straight day on Sunday.

The price for a barrel of Brent Crude Oil to be delivered in September dropped 4.9% to just over $92.

Oil prices surged this month because of increased fighting in the Middle East, and worries a return to all-out war would further slow the global flow of crude.

The ability of tankers to pass safely through the Strait of Hormuz has been the central concern for the oil market since the U.S. and Israel attacked Iran in late February.