Yesterday and overnight, the price of oil dropped by more than 10%.

The ceasefire seems to be holding. Neither Israel nor Iran currently has a reason to continue hostilities. Israel is undoubtedly now actively searching for any enriched uranium stockpiles that may have been moved beforehand. Once those are found, Israel will still want to strike.

The ceasefire is nothing more than a pause in a conflict that will persist as long as both countries remain hostile towards each other.

The sharp decline in oil prices is not good news for Russia. However, Russia proved to be a poor ally for Iran. Iran can forget about further aid from Russia.

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