Oil Slides 7% as Iran Signals It Will Halt Attacks If US Pause Holds

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. The move eased nearly two weeks of escalating conflict.

The price of Brent crude oil fell over 7% to touch a low of $90.9 a barrel. West Texas Intermediate crude oil also dropped as much as 7% to touch $84.

Tehran Sets Conditions for Oil

The Iranian source described Tehran's stance as "attack for attack." Iran will stop its operations once the US stops, and Tehran has already passed that message to Washington, according to the official's account.

"There is more scepticism than optimism about the halt in attacks. The prevailing view is that the pause is tactical rather than genuine."

The pause follows Washington's decision to suspend its bombing campaign after 13 nights of US strikes. Advisers reportedly warned President Donald Trump that the military was running low on viable targets. They also raised concerns about depleting weapons stockpiles.

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