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International Business Times UK
International Business Times UK
Audrey Liza M. Nolasco

Oil Drops as US-Iran Fighting Pauses, But Analysts Warn Truce May Not Last

United States Iran Oil the Strait of Hormuz Esmail Baghaei The United States
Oil prices tumble as US-Iran hostilities pause, but analysts caution that the fragile truce could quickly unravel. (Credit: Tony Webster/WIKIMEDIA COMMONS)

Oil prices fell by as much as 7% on Monday after a pause in fighting between the United States and Iran eased immediate concerns about disruptions to global energy supplies.

However, uncertainty remains after Iran denied reports of a formal 10-day ceasefire, the Strait of Hormuz remained closed and military operations continued elsewhere in the region.

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