Oil prices have significantly dropped following a reported pause in attacks between the United States and Iran, sparking hopes for a de-escalation of the conflict.

• Brent crude fell over 9% to below $88 a barrel, a sharp reversal from its previous rise above $100.
• The pause in attacks was announced by the US ambassador to the UN and confirmed by an Iranian army spokesperson.
• The conflict had previously led to the closure of the Strait of Hormuz, a critical oil shipping route, and subsequent price hikes.