Oil prices tumbled Sunday after a senior Iranian official told Reuters that Tehran will halt its own attacks as long as the United States keeps its bombing pause in place. Brent crude fell over 7% to touch a low of $90.9 a barrel, while West Texas Intermediate also dropped 7% to around $84. The announcement follows Washington’s decision to suspend its bombing campaign after 13 nights of strikes, with President Donald Trump choosing the pause to give diplomacy room. HSBC analysts noted that higher oil prices have revived bets that the Federal Reserve may hold interest rates higher for longer, although inflation expectations have remained contained thanks to the central bank’s firm messaging on price stability.
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