Oil Prices Plunge as US Pauses Iran Campaign, UOB Reports
Crude oil benchmarks fell sharply after the US military campaign against Iran remained on hold, with WTI dropping to $79.26, UOB strategists noted.
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Oil markets turned sharply lower after reports that the United States had paused its military actions against Iran, easing immediate supply disruption fears.
According to strategists at UOB, West Texas Intermediate crude fell to $79.26 per barrel, while Brent also declined, though the specific level was not fully detailed in the note.
The pullback reflects a rapid unwind of the geopolitical risk premium that had built up in recent sessions, as traders reassessed the likelihood of direct conflict impacting major supply routes in the Middle East.
Source: FXStreet Forex News