(BBC News) The price of oil has fallen sharply on hopes that a pause in attacks between the US and Iran could help to de-escalate the conflict.

Brent crude, the global benchmark for oil, sank more than 9% to $87.59 a barrel at one point, marking a sharp turnaround from last week when it had risen above $100.

The fall came after the US ambassador to the UN said attacks on Iran had been halted for a second night in a row to give “talks some space”.