Oil Prices Fall After U.S. and Iran Pause Fighting for a Second Day - The New York Times

Global oil prices dropped approximately 5% after the United States and Iran paused military hostilities for a second consecutive day. Reports indicate Iran may halt further attacks if the U.S. maintains its pause. The decrease in tensions over the Strait of Hormuz led to declining energy costs and contributed to gains in Asian stock markets and U.S. futures ahead of a Federal Reserve meeting.