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. 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". An Iranian army spokesperson said on Sunday that Tehran had halted "retaliatory" attacks in the region in response. When Iran and the US signed a memorandum of understanding in June to halt military operations and reopen the strait, the price of oil fell back to pre-war levels of around $70 a barrel. However, the collapse of the ceasefire earlier this month reignited fears over global energy supplies and pushed the oil price back up.