Oil prices fall as US pauses strikes on Iran over strait of Hormuz

Brent crude drops 9% to below $88 a barrel, prompting UK government bond yields to fall

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Oil prices have dropped sharply as traders bet that a pause in US attacks on Iran could prevent an escalation in the conflict that would further restrict global supply.

Brent crude, the international benchmark for oil, fell 9% to below $88 a barrel on Monday morning, after climbing to $100 last week when the Iran-aligned Houthis attacked Saudi Arabian oil tankers in the Red Sea.
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