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The Independent UK
The Independent UK
Business
Holly Williams

Oil prices fall back sharply on renewed Iran war ceasefire hopes

Oil Iran United States PA Graphics Russ Mould
Rosebank is the UK’s largest untapped oil field (Jane Barlow/PA) -

Oil prices have retreated below 90 US dollars a barrel as a pause in fighting between the US and Iran boosted hopes of rekindling a peace deal and reopening the vital Strait of Hormuz.

The cost of benchmark Brent crude dropped 8% to 87.55 US dollars a barrel at one stage in ongoing heightened volatility in oil and gas markets caused by the Middle East conflict.

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