Oil Drops 6% as Iran and US Halt Strikes Near Strait of Hormuz
📡 Financial Times · 1 min read ·
Part of composite article Oil Tankers Flee Red Sea, Deliveries Delayed a Month After Houthi Attacks View full article →
Brent crude fell 6% on Tuesday after Iran and the United States paused military strikes near the Strait of Hormuz. The halt ended two weeks of escalating violence that had pushed oil prices above $100 a barrel. Traders responded to the reduced risk of supply disruptions in the key shipping channel, which carries about a fifth of the world’s oil. The drop marks the sharpest single-day decline in weeks, though analysts warn that tensions could resume quickly.