Oil prices ease after US and Iran pause their attacks

Oil prices declined after the U.S. and Iran avoided military strikes in the Persian Gulf, with Brent crude falling 4.9% to $92.02. The drop followed heightened regional tensions and concerns over disrupted oil shipments through the Strait of Hormuz, though alternative routes like the Red Sea also face risks. Elevated oil prices have raised gasoline costs and inflation concerns, influencing bets on potential Federal Reserve interest rate hikes.