US-Iran War | Crude Falls 8.7% As West Asia Sees Relative Calm

Global crude oil prices have recorded their sharpest decline in more than a week, falling 8.7% to $88.36 per barrel, as hopes of de-escalation in the Iran-US conflict boosted market confidence. The decline comes after both sides refrained from launching fresh military strikes for a third consecutive day, raising expectations that diplomacy may temporarily replace confrontation. The easing of hostilities has reduced fears of disruptions to oil supplies from the Middle East, a region that accounts for a significant share of the world's energy exports. Markets had previously witnessed a sharp rise in crude prices amid concerns that the conflict could threaten shipping routes and energy infrastructure across West Asia.