Oil Prices Fall 3% After 6-Day Rally, WTI Drops to $85 on Easing Iran-U.S. Tensions

According to Reuters, oil prices fell approximately 3% over the weekend after six trading days of gains, with WTI crude settling at $85 per barrel and Brent at $96, amid signs of potential de-escalation in regional tensions. The decline was driven by reports that Pakistan, with Chinese backing, is seeking to resume talks between the United States and Iran, with Chinese officials expressing concern that Iran's military actions and the blockade of the Strait of Hormuz are damaging China's interests.

Meanwhile, President Trump halted ongoing U.S. airstrikes against Iran, according to Axios, citing military operational plans that were reviewed but not approved. Trump stated he remains prepared to strike but is engaged in serious negotiations with Iran, bolstering market expectations for diplomatic resolution after 13 consecutive days of U.S. air operations.