Oil prices declined again on Sunday, falling from a two-month high set last week, after the United States and Iran refrained from launching military strikes for a second straight day, according to a report by the Associated Press.
The price for a barrel of Brent crude oil, the international standard, to be delivered in September dropped 4.9% to $92.02 shortly after trading resumed. The decline followed a 3.9% drop on Friday.
Brent crude briefly hit $102 a barrel last week amid new concerns about the volume of oil tanker traffic through the Strait of Hormuz. That was the highest it had been since May, the AP reported.
