Oil prices dropped 5 percent on Monday after the United States and Iran paused attacks for a second straight day following weeks of strikes that had pushed Brent crude prices to over $100 per barrel.
Brent crude futures declined 5.05 percent to $91.89 a barrel by 8:09 p.m. ET on Sunday, while U.S. West Texas Intermediate dropped to $84.64 a barrel—down 5.23 percent.
The decline came after the two nations agreed to pause hostilities to negotiate a deal. An Iranian army spokesperson told state television on July 26 that Tehran had halted attacks on the same nights the U.S military stopped their strikes.
White House communications director Steven Cheung said on July 26 that President Donald Trump had ordered to pause attacks on Iran over the weekend but will “retain all options if Iran continues terrorist activities in the Strait of Hormuz or against allies.”
Reuters contributed to this report.
This news report will be updated with additional details.
