Oil falls to $88 after US pause, Tehran promises calm
Business
Crude oil prices just dropped more than 9%, landing at $88 a barrel, thanks to the US pausing military strikes on Iran and Tehran promising not to escalate things.
Earlier this month, prices had shot up to $100 because of all the drama in the region, but now worries about supply disruptions have calmed down a bit.
China and Pakistan mediate U.S.-Iran talks
China is teaming up with Pakistan to help mediate between the US and Iran, hoping to keep Gulf trade routes safe.
Still, shipping through key areas like the Strait of Hormuz is well below normal.
Analysts say if talks work out, oil could settle around $80 later this year, but if trouble continues, we might see prices jump as high as $120 a barrel.