Hormuz Pause Sends Crude Prices Plummeting

Global crude oil prices plummeted by nearly 6% on Monday as a pause in US-Iran military strikes eased fears of prolonged disruptions in the Strait of Hormuz.

The sudden de-escalation has injected cautious optimism into global energy markets, raising hopes that commercial shipping could gradually resume through the heavily contested waterway.

Brent crude, the international benchmark, dropped by $5.70 to settle at $91.08 per barrel, while United States West Texas Intermediate (WTI) crude declined by $4.80 to tumble to $84.51 per barrel.

The aggressive sell-off erases the premium that had briefly pushed crude prices above the $100 threshold during the peak of the hostilities last week.