Brent Crude Oil Prices Plummet on Easing US-Iran Tensions
Brent crude oil prices continued to fall on Monday, dropping by over 4% as investors reassessed the tensions between the US and Iran.
The price of Brent crude oil fell towards $88 a barrel, following a 2.4% loss in the previous session.
The decline came as diplomatic efforts to ease tensions between the two countries showed some signs of progress.
Pakistan's army chief visited Tehran to support diplomacy, while Qatar said it was continuing its mediation efforts.
Additionally, reports suggested that Washington could soon return evacuated diplomats to the region, reducing the likelihood of a broader military escalation.
The US Treasury Secretary, Scott Bessent, announced measures to increase economic pressure on Iran, but they were seen as less severe than expected.