Crude Oil Prices Plummet Over 6% Amid US-Iran Hostilities Pause

Oil prices plummeted by over 6% at the start of this week as investors reacted to the pause in US-Iran military strikes. West Texas Intermediate (WTI) crude for September delivery fell to an intraday low of $83.10 per barrel, down $6.21 or 6.95%, while Brent crude for September delivery dropped to an intraday low of $89.58 per barrel, down $7.20 or 7.44%.

The market relief also lifted US stock index futures significantly and gold and silver futures posted notable gains.

However, oil prices extended losses in Asian trading on Monday amid reports that Pakistan was pushing to restart US-Iran talks, fueling optimism over de-escalation in the Middle East. As of 06:20 Beijing time Monday (22:20 GMT Sunday), WTI crude for September delivery was trading at $84.88 per barrel, down 4.96%, while Brent crude for September delivery stood at $92.04 per barrel, down 4.90%.