Oil prices fell as the US and Iran paused their attacks, sparking hopes for a ceasefire and talks to reopen the Strait of Hormuz.The US held back after 13 days of strikes, while Iran stopped retaliating, giving Gulf shipping and the oil industry a break.Earlier clashes over Hormuz and attacks by Houthi rebels in Yemen had spiked prices, but the pause brought relief.Discussions focused on safe shipping through the strait while respecting sovereignty.Mediator Pakistan is considering resuming talks, aided by China.Both oil contracts dropped, but positive developments eased inflation fears.Markets rose globally, though tech sectors faced selling pressure.Traders await earnings reports and Fed policy decisions.The article highlights the geopolitical impact on oil prices and global markets.