Oil prices retreated by more than a dollar per barrel today following a halt in hostilities between the united states and iran: Brent crude futures fell USD 1.47, or 1.66 percent, to settle at USD 86.89-its lowest level since 20 July-while West Texas Intermediate crude registered USD 81.16 per barrel, down USD 1.45, or 1.76 percent, also marking its weakest level since 20 July.

According to Oman News Agency, both benchmarks had tumbled approximately 8 percent in the previous session after the United States abruptly suspended airstrikes against Iran at the start of the week. Prices were also weighed down by reports that the Caspian Pipeline Consortium's Black Sea terminal on the Russian coast had resumed oil loading operations following a week-long halt in the wake of Ukrainian drone attacks.