\n
The price of oil sank more than 9% on Monday on hopes that a pause in attacks between US and Iran could help lead to a resolution to the conflict.<\/b><\/p>\n
Brent crude, the global benchmark for oil, dipped below $88 a barrel, marking a sharp turnaround from last week when it had risen above $100.<\/p>\n
The fall came after the US ambassador to the UN said attacks on Iran had been halted for a second night in a row to give “talks some space”.<\/p>\n
An Iranian army spokesperson said on Sunday that Tehran had halted “retaliatory” attacks in the region in response.<\/p>\n
The outbreak of the Iran war triggered a sharp rise in oil prices as the conflict led to the effective closure of the Strait of Hormuz, a key shipping route which usually carries about 20% of the world’s oil and liquefied natural gas (LNG).<\/p>\n
When Iran and the US signed a memorandum of understanding in June to halt military operations and reopen the strait, the price of oil fell back to pre-war levels of around $70 a barrel.<\/p>\n
However, the collapse of the ceasefire earlier this month reignited fears over global energy supplies and pushed the oil price back up.<\/p>\n
Last week it hit $100 a barrel for the first time since May, with added concerns coming after Houthi militia in Yemen attacked oil tankers in the Red Sea, threatening a key export route that Saudi Arabia had used to bypass the Strait of Hormuz.<\/p>\n
Susannah Streeter, chief investment strategist at Wealth Club, said markets were remaining “cautious given the twists and turns during this conflict”.<\/p>\n
Despite the sharp fall in crude, “there is still significant uncertainty baked into these prices and a reticence about whether negotiations will lead to a lasting breakthrough,” she added.<\/p>\n
The conflict between the US and Iran – and its impact on oil – has pushed up the cost of fuel such as petrol and diesel in many countries.<\/p>\n
This often has knock-on effects on other prices, such as food, as businesses pass on the higher costs they are facing to customers, and this can push up the rate of inflation.<\/p>\n<\/div>\n
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