26.07.202623:15:39UTC+00Oil Tumbles as US Halts Iran Strikes

Crude oil prices dropped as much as 7% toward $83 per barrel on Monday before paring some of those losses, after the US suspended airstrikes against Iran for a second straight night. The pause eased fears of further supply disruptions in the Middle East following weeks of escalating tensions.

The halt in strikes began late Friday without any official announcement. In response, Tehran said it had stopped its retaliatory military actions and had entered into talks with Oman concerning the situation in the Strait of Hormuz.

Nevertheless, Iran-backed Houthi forces in Yemen claimed responsibility over the weekend for attacks on facilities linked to Saudi Aramco at the Red Sea ports of Jizan and Yanbu.

Oil prices have climbed nearly 40% so far this month as supply risks have widened from the Strait of Hormuz to the Red Sea, which has become an increasingly critical alternative route for Saudi crude exports, carrying millions of barrels per day.