Brent crude retreats from triple digits after U.S. pauses Iran strikes, easing inflation concerns before key central bank decisions.
Oil prices fell below $100 per barrel as tensions with Iran eased, with the U.S. pausing strikes after 13 days of attacks. Iran signaled a reciprocal pause, reducing geopolitical risks that had driven crude higher in recent weeks.
The retreat comes ahead of a packed economic calendar, including the Federal Reserve’s policy meeting on Wednesday. Futures still price a 25% chance of a rate hike, despite cooling energy costs. The Bank of Japan and Bank of England also meet this week, with markets watching for yen and sterling reactions.
A third of the S&P 500, including Apple, Amazon, and Microsoft, will report earnings, while second-quarter U.S. GDP data is also due. Lower oil prices may ease inflation concerns but add volatility to growth expectations.