Oil Prices Plummet 10% as US-Iran Tensions Ease

Oil prices plummeted by over 10% on Monday as tensions between the US and Iran eased, sparking fresh optimism about potential diplomatic solutions.

The Brent price dropped 5.5% at opening before falling further, hitting a low of $87.54 - its lowest point in one week.

This sharp decline comes after oil prices cracked the critical barrier of $100, which would have had significant psychological and economic implications if it held.

However, the dip below $90 zone, a key support level, has put oil prices on track to generate a fresh negative signal, potentially leading to further losses.