Oil prices fall as US and Iran pause attacks
Oil prices dropped sharply on Monday after the United States and Iran stopped carrying out new attacks against each other, easing fears of a wider conflict in the Middle East.
The price of Brent crude, the international oil benchmark, fell by more than four percent to about $87 per barrel. US crude also dropped by more than five percent.
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The recent fighting had pushed oil prices above $100 per barrel last week because of concerns about oil supplies through the Strait of Hormuz.
Stock markets around the world rose as investors became more hopeful that the pause in fighting could lead to peace talks.
Markets are also watching this week’s interest rate decisions from the US Federal Reserve and the Bank of England, which are both expected to leave rates unchanged.
Investors are also waiting for earnings reports from major technology companies including Microsoft, Apple, Amazon, and Meta, as well as leading Asian chipmakers.
In China, memory chip maker CXMT made a strong stock market debut, with its share price closing about 465 percent higher than its initial offering price.
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