Oil Prices Retreat After US and Iran Pause Attacks

Oil futures pared early gains after Washington and Tehran agreed to halt attacks on each other following a weekend flare-up. A supertanker sustained damage near the Strait of Hormuz during the escalation before both sides stepped back. The de-escalation agreement stabilized crude markets that had spiked on supply disruption fears. Traders recalibrated positions as the immediate threat to Gulf shipping lanes receded. Fuel price stability across southern Africa depends on sustained calm in the Strait of Hormuz transit corridor.