Oil prices dropped Monday after Iran reportedly announced it would pause attacks as long as a U.S. ceasefire stays in effect, easing worries over nearly two weeks of rising conflict.
An Iranian official reportedly said Iran will cease attacks if the United States also refrains from striking.
Following the report, Brent crude futures for September decreased by 4.88% to approximately $92 per barrel, while U.S. West Texas Intermediate crude futures for the same month declined more than 5%, settling at $84.84 per barrel.
Washington’s pause comes after President Trump’s advisers reportedly warned that the military was running low on suitable targets and expressed concerns about depleting U.S. weapons stocks.
The Iranian official reportedly stated that Tehran’s position is still ‘attack for attack,’ meaning Iran will cease its operations if the attacks end.
U.S. ambassador to the United Nations, Mike Waltz, stated that Trump decided to pause the strikes to give diplomatic efforts a chance to proceed.
By CEO NA Editorial Staff
