Global crude oil prices fell sharply to their lowest level in more than a week after the United States halted its military strikes on Iran, easing fears of a wider conflict in the Middle East.
According to international media reports, oil prices continued to decline, with investors responding positively to signs of reduced geopolitical tensions.
Brent crude settled at $88.36 per barrel, down $8.42 (8.7%), marking its lowest closing price since 17 July.
Meanwhile, US West Texas Intermediate (WTI) crude fell $6.70 (7.5%) to close at $82.61 per barrel, its lowest level since 16 July.
Analysts said the decline reflects growing optimism that a pause in hostilities could reduce the risk of supply disruptions in the region. However, they cautioned that oil markets remain sensitive to any renewed escalation in the Middle East.
