Oil prices extended their losses Tuesday as a pause in fighting between the U.S. and Iran held, raising hopes for de-escalation in the Middle East conflict that had threatened energy supplies. Brent crude futures fell more than 2% to $86.52 a barrel, while U.S. West Texas Intermediate crude futures dropped 2.3% to $80.71 a barrel. Although Iran rejected reports of a 10-day ceasefire agreement with the United States, hostilities remain on hold after President Donald Trump set aside plans for a massive attack on Iran due to arms stockpile concerns. The Commonwealth Bank of Australia said the price decline reflects easing concerns over immediate escalation, but warned that risks to global energy supplies remain elevated should tensions around the vital Strait of Hormuz shipping lane reignite.
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