Tehran: Oil prices have fallen following a temporary halt in US military strikes on Iran, aimed at creating space for diplomatic negotiations. Tehran has responded by promising to cease its retaliatory attacks on neighboring regions, offering a reprieve to Gulf shipping and the oil industry. According to France24.com, the pause in hostilities comes after a period of renewed conflict between the US and Iran, which had resumed this month, disrupting a previously established truce. Iran's recent attacks on vessels in the Strait of Hormuz had led to an escalation, with the US conducting airstrikes on Iran for 13 consecutive nights prior to the cease in hostilities. This sequence of events had severely strained diplomatic efforts between Washington and Tehran, with the conflict extending beyond the crucial energy corridor, as Iran-backed Houthi rebels targeted Saudi ships in the Bab al-Mandeb Strait. The tensions had caused crude prices to surge, with Brent crude surpassing $100 a barrel for the first time since May. However, the reduction in military actions and Iran's announcement of progress in negotiations with Oman over the management of the Strait of Hormuz have provided some relief to the market. The discussions have focused on ensuring safe shipping passage through the strait while respecting the sovereignty of both nations involved. Reports have also emerged that Pakistan is considering resuming US-Iran peace talks, a move reportedly encouraged by China. The easing of tensions has led to a significant drop in oil prices, with Brent crude dropping more than seven percent at one point, briefly falling below $90 a barrel. These developments have alleviated fears of renewed inflationary pressures and potential interest rate hikes, subsequently bolstering equity markets. However, the tech sector continues to face challenges due to concerns over the sustainability of the AI boom and significant investments in the industry. Major tech firms, particularly in Seoul, have experienced notable losses, with companies s uch as SK hynix and Samsung under pressure. Conversely, markets in Tokyo, Hong Kong, Sydney, Shanghai, Wellington, and Manila have seen gains.