Middle East Tensions Ease as Oil Prices Plummet Over 5% on Renewed Truce Hopes

Global oil prices plummeted on Monday as investors grew optimistic about a potential de-escalation of conflict in the Middle East.

The sudden decline follows a two-night pause in US strikes on Iran, giving market participants hope that the door remains open for renewed diplomatic talks.

The international benchmark North Sea Brent crude fell by 5.58%, bringing the price down to $91.38 per barrel, while the US benchmark West Texas Intermediate (WTI) slid 5.46% to reach $84.43 per barrel.