Oil Continues Decline Amid Hopes for US-Iran De-escalation

Oil prices continued their decline on Tuesday, falling by over a dollar per barrel, amidst hopes for a settlement of the conflict between the United States and Iran, which has significantly disrupted global energy flows. Brent crude futures fell by $1.47, or 1.66%, to $86.89 by 03:26 GMT, its lowest level since July 20. Similarly, US West Texas Intermediate (WTI) crude dropped by $1.45 or 1.76%, recording $81.16 per barrel, also its lowest since the same date. Reuters reported that both contracts had fallen by about 8% in the previous session, following the US's sudden suspension of its airstrike campaign against Iran earlier in the week.