Oil Price Slides Below $90 as US-Iran Tensions Ease; AstraZeneca Beats Profit Forecasts

Global oil prices experienced a significant slide, falling below the $90 a barrel mark. This decline occurred as investors reacted to a pause in hostilities between the United States and Iran. Brent crude, the international benchmark for oil, saw a sharp decrease of 7.1%, settling at $89.94 a barrel.

The previous week had seen Brent crude surge above $100 a barrel. This spike was attributed to consecutive nights of U.S. strikes against Iran and threats from the Houthi movement to blockade Saudi Arabian ports. The recent de-escalation has eased market concerns about supply disruptions in the Middle East.

In corporate news, pharmaceutical giant AstraZeneca reported profits that exceeded expectations. The company's strong performance was bolstered by robust sales, particularly from its range of cancer treatments. This financial success highlights the growing demand and effectiveness of its oncology drugs in the global market.