Oil declines after US halts Iran strike

Oil prices declined by nearly 6% after the United States announced the cancellation of a military attack on Iran, following regional allies' calls to pursue diplomacy rather than escalation. October delivery Brent crude fell to $84 per barrel, while Nymex crude dropped below $80. These developments are accompanied by expectations of strengthened diplomatic understandings and ongoing efforts to reopen the Strait of Hormuz. This comes amid rising risks to maritime shipping and halted production activities, as Iran and Oman continue their negotiations to establish an alternative waterway. Meanwhile, OPEC+ is maintaining a limited increase in oil production.

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