Oil prices fall 4% as fragile US-Iran ceasefire holds, two ships pass through Strait of Hormuz

A fragile ceasefire between the US and Iran held, with two vessels passing through the Strait of Hormuz, leading to a 4% drop in oil prices. The market reacted to optimistic comments from the Trump administration regarding the continued ceasefire. UN Security Council members are discussing a US- and Bahrain-backed draft resolution that could lead to sanctions against Iran and potentially authorize force if Tehran fails to halt attacks and threats to commercial shipping in the Strait of Hormuz.