Oil prices dropped and global stocks rose after the U.S. paused military strikes on Iran and avoided a major escalation of the conflict.

Crude prices fell about 6%, briefly dropping below $90 a barrel after previously rising above $100 during the fighting.

The decline boosted markets, with major U.S. stock indexes posting gains as investors reacted to easing energy concerns.

Lower oil prices could eventually reduce gasoline costs for consumers, though the outlook remains uncertain, ABC News has reported.

Despite the pause in fighting, tensions remain as Iran and the U.S. continue to face uncertainty over negotiations and the future of shipping through the Strait of Hormuz.