Oil slides 5% as Iran reportedly signals halt to attacks if U.S. pause holds
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Adding to this, Oil prices fell after Iran as per reports shared it would suspend attacks as long as a U.S. pause in hostilities remains in place, easing concerns over nearly two weeks of escalating conflict.
Meanwhile, International benchmark Brent crude futures for September delivery fell 4.88% to around $92 a barrel. U.S. West Texas Intermediate crude futures for September delivery similarly dropped over 5% to $84.84 a barrel.
Notably, Iran has indicated it will stop carrying out attacks as long as the United States also refrains from striking, Reuters reported on Sunday, citing a senior Iranian official.
As per the latest buzz, The pause follows Washington's decision to suspend its bombing campaign after President Donald Trump's advisers as per reports warned that the military was running out of viable targets and raised concerns about depleting U.S. weapons stockpiles.
In further updates, The Iranian official as per reports shared that that Tehran's stance "remains 'attack for attack': if the attacks stop, Iran will also halt its operations. That message has already been conveyed to the United States."
On top of that, U.S. ambassador to the United Nations Mike Waltz shared on Fox News Sunday that Trump had chosen to pause the strikes to allow diplomatic efforts to continue.
HSBC's U.S. rates strategist Dhiraj Narula shared higher oil prices have contributed to renewed expectations that the Federal Reserve may need to keep policy tighter for longer, but noted inflation expectations have remained relatively contained despite the energy rally.
Source: CNBC