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Strait of Hormuz 
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The recent hostilities had pushed oil prices sharply higher amid concerns that supplies could be disrupted through the Strait of Hormuz, one of the world’s most important maritime routes for crude exports.
Global oil prices fell sharply on Monday after the United States and Iran paused military strikes over the weekend, easing fears of further disruption to energy supplies from the Middle East and raising hopes for renewed diplomatic engagement.
Brent crude, the international benchmark, dropped by $5.70, or 5.9 per cent, to $91.08 a barrel. US West Texas Intermediate crude declined by $4.80, or 5.4 per cent, to $84.51 a barrel, marking their lowest levels in almost a week.
The decline followed two days without fresh exchanges of fire between Washington and Tehran, encouraging investors to believe that the conflict
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