Oil dropped ~7% (WTI near 8%) as the US and Iran paused strikes, easing Strait of Hormuz supply fears.

Intelligence summary

Oil dropped ~7% (WTI near 8%) as the US and Iran paused strikes, easing Strait of Hormuz supply fears. Mutual US-Iran halt after ~2 weeks of strikes. US cited limited effectiveness and low interceptor stocks. Pakistan/China pushing to revive talks.