What impact did the US-Iran pause in strikes have on Brent crude?

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The US-Iran pause in strikes sent Brent crude down sharply

Brent crude fell more than eight per cent on Monday after the United States and Iran paused tit-for-tat strikes. The international benchmark dropped to US$88.36 per barrel, reversing an earlier surge that had pushed Brent back above US$100 last week for the first time since May.
Brent dropped to US$88.36 per barrel after hostilities paused
The pause in strikes meant the two sides “held their fire”, which eased immediate pressure on oil markets. Brent then fell more than eight per cent to US$88.36 per barrel, indicating investors were pricing in a short-term cooling of risk tied to the Gulf shipping corridor.
Prices had earlier surged above US$100 during the escalation
The Monday decline came after Brent had risen during a flare-up earlier in the month. Brent broke back above US$100 per barrel last week for the first time since May, after the earlier escalation that followed attacks on ships passing through Omani waters in the Strait of Hormuz.
The pause offered a respite for Gulf shipping and the oil industry
By halting the tit-for-tat strikes, the pause gave “a respite” to Gulf shipping and the oil industry. That calmer backdrop was reflected in the immediate sell-off in Brent, taking prices back below the US$100 level that had been regained during the earlier spike.
The market move was tied to the renewed calm, not a resolved conflict
The situation was described as “calmed” but not “resolved,” meaning the risk remained in the background. Even so, the strike pause was the direct trigger for Monday’s drop, with Brent moving down to US$88.36 per barrel as the week began.

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What impact did the US-Iran pause in strikes have on Brent crude?

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