Framing Analysis
Brent crude oil prices dropped 4.9% to $92.02 following a two-day pause in US and Iranian strikes, with European natural gas also declining sharply. The five-month conflict, which began with US and Israeli attacks on Iran in late February, had previously driven Brent prices up 30% in July and disrupted shipping through the Strait of Hormuz. Both sides suspended operations after the Pentagon halted its 13-night bombing campaign on Friday.