Global oil prices fell by more than 5 per cent on Sunday evening as the US and Iran paused tit-for-tat strikes after weeks of escalating violence over the Strait of Hormuz.
The cost of a barrel of Brent crude, the global benchmark, fell to $91.87 in opening trades in Asia as talks between mediators continued after two weeks of hostilities that had driven oil up past $100 per barrel.
Mike Waltz, the US ambassador to the UN, said on Sunday that US President Donald Trump was “giving the talks some space” before deciding whether to resume strikes. The US and Iran have both been vying for control of the strait, the narrow waterway through which about a fifth of the world’s oil and gas passed before the war.
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