Oil prices drop after US and Iran pause fighting

Oil prices fell sharply after the United States and Iran paused their military strikes over the weekend. The two-night halt in attacks raised hopes for a de-escalation in the conflict, particularly regarding shipping through the Strait of Hormuz. As a result, crude prices dropped to near one-week lows, and US stock markets saw gains. However, fuel prices in Australia jumped significantly, suggesting the truce may be fragile.