Oil Prices Drop Over 5% as U.S. and Iran Pause Military Strikes
Oil prices fell more than 5% after the U.S. and Iran paused military strikes over the weekend, raising hopes for a diplomatic resolution to the conflict affecting the Strait of Hormuz. Brent crude futures dropped to $91.08 a barrel, while U.S. West Texas Intermediate crude fell to $84.51. The pause in hostilities follows two weeks of attacks that disrupted oil shipments through the Strait of Hormuz, a critical passage for global oil exports. The U.S. ambassador to the United Nations, Mike Waltz, indicated that President Trump decided to pause attacks to allow for diplomatic efforts. 
