Brent crude slides over 4% as US-Iran tensions ease
Markets reports Brent crude falls more than 4% toward $88 a barrel, extending a 2.4% drop from the prior session as US-Iran tensions show signs of easing.
Brent crude oil fell more than 4% toward $88 a barrel on Monday, extending a 2.4% loss in the previous session, as investors assessed signs of easing tensions between the US and Iran.
Pakistan’s army chief visited Tehran in an effort to support diplomacy, while Qatar said it was continuing mediation efforts.
Reports that Washington could soon return evacuated diplomats to the region also suggested that a broader military escalation may be less imminent.
Meanwhile, Washington’s latest measures to increase economic pressure on Iran were less severe than markets had anticipated.
US Treasury Secretary Scott Bessent said countries trading with Tehran would be given a deadline to wind down their links or risk unilateral penalties.
Despite the measures, substantial volumes of crude continue to move through the Strait of Hormuz, with some shipments operating discreetly.