Oil prices fall with the suspension of attacks between the United States and Iran

Oil prices fell on Monday, following reports that Iran had suspended its attacks in exchange for a continuation of the truce with the United States, which eased concerns about the escalation of the conflict in the Middle East.
Futures contracts for Brent crude, the global standard for delivery in September, fell by 7.3%, reaching about 89.73 per barrel, and futures contracts for US West Texas Intermediate crude for delivery in September fell by 6.5%, reaching $83.47 per barrel.
Reuters reported, citing a high-ranking Iranian official, that Iran indicated that it would stop launching attacks as long as the United States also refrained from launching strikes.
This pause comes in the wake of Washington’s decision to suspend its air campaign after the president’s advisors reportedly warned that the US military faces a shortage of effective targets and expressed concerns about the depletion of US weapons stockpiles.
The Iranian official stated that Tehran’s position “remains based on the principle of reciprocity; if the attacks stop, Iran will stop its operations as well. This message has already been conveyed to the United States.”
US Ambassador to the United Nations, Mike Waltz, said Trump chose to temporarily suspend the strikes to allow room for diplomatic efforts to continue.