Iran Offers Pause In Attacks If US Halts Strikes, Oil Prices Plummet

Oil prices plummeted over 5% on Monday as reports emerged that Iran was willing to suspend its attacks if the US maintains a pause in military action.

The development raised hopes of easing tensions in West Asia, prompting a broad sell-off in crude oil futures. Brent crude futures for September delivery declined 4.88% to trade at around $92 a barrel, while US West Texas Intermediate (WTI) crude futures dropped over 5% to $84.84 a barrel.

Iran's willingness to halt its attacks was reportedly communicated to the United States through a senior Iranian official, who stated that Tehran would stop carrying out operations if military action against Iran ceased.