Brent oil drops 4% as US-Iran extend hostilities pause

Brent oil prices dropped 4% following an extended pause in hostilities between the US and Iran. This development eased oil market tensions by reducing the immediate risks of supply disruptions, which subsequently impacted price forecasts. Simultaneously, the US Dollar experienced a pullback as a result of the pause in attacks. These combined factors contributed to the decline in oil prices as geopolitical stability improved temporarily between the two nations according to reported data.