Crude Oil Prices Plunge as US-Iran Conflict Pauses
Global crude oil prices plummeted on Monday after the US and Iran paused their military strikes over the weekend, causing key oil benchmarks to drop by up to 7%.
The International benchmark Brent crude fell more than $7 to hover around the $91-a-barrel mark, while US West Texas Intermediate (WTI) crude declined over 7%, shedding around $6.4 to trade below $85 a barrel.
The sharp decline came after Iran indicated it would refrain from further attacks as long as the US halted military operations, fuelling expectations that the conflict could move towards a diplomatic resolution.
Market experts pointed out that despite Monday's correction, crude oil prices are still nearly 40% higher this month due to supply disruptions spreading from the Strait of Hormuz to the Red Sea.