Oil slides 5% as Iran reportedly signals halt to attacks if U.S. pause holds
Oil prices fell after Iran reportedly said it would suspend attacks as long as a U.S. International benchmark Brent crude futures for September delivery...
Key points
- Oil prices fell after Iran reportedly said it would suspend attacks as long as a U.S.
- International benchmark Brent crude futures for September delivery fell 4.88% to around $92 a barrel.
- West Texas Intermediate crude futures for September delivery similarly dropped over 5% to $84.84 a barrel.
- 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.
What happened
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Oil prices fell after Iran reportedly said it would suspend attacks as long as a U.S. International benchmark Brent crude futures for September delivery fell 4.88% to around $92 a barrel. West Texas Intermediate crude futures for September delivery similarly dropped over 5% to $84.84 a barrel. 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. The Iranian official reportedly said that that Tehran's stance "remains 'attack for attack': if the attacks stop, Iran will also halt its operations. ambassador to the United Nations Mike Waltz said on Fox News Sunday that Trump had chosen to pause the strikes to allow diplomatic efforts to continue.