Oil Prices Plummet 5% as US-Iran Conflict Pauses

Oil prices plummeted by 5% on Monday after the US and Iran paused strikes over the weekend, sparking hopes of a diplomatic solution to the conflict.

The pause in attacks comes after two weeks of attacks that had reduced oil shipments via the Strait of Hormuz. As a result, Brent crude futures fell $4.89 to $91.89 per barrel, while US West Texas Intermediate crude dropped to $84.64 per barrel.

The Strait of Hormuz is a critical waterway for global oil supplies, and any disruption can have significant economic implications. Despite the pause in attacks, fewer than 10 commodity vessels passed through the strait on Sunday.