Oil prices dip as US pauses strikes on Iran

Oil prices slipped on Monday as a temporary lull in hostilities between the United States and Iran sparked optimism for a renewed ceasefire and fresh negotiations aimed at reopening the Strait of Hormuz. Traders cited the pause in strikes as a key factor in easing market concerns over supply disruptions in the strategically vital waterway.

The United States refrained from further attacks over the weekend after a 13‑day series of Iranian strikes, with Washington’s UN envoy stating that the move was intended to “give talks some space.” The de‑escalation follows a period of heightened tension that had driven crude prices upward, and analysts noted that the reduction in immediate threat could stabilize the market while diplomatic channels assess the prospects for a broader settlement.