Oil Prices Plummet 5% as US, Iran Halt Attacks

Global oil prices plummeted 5% in early Asian trading on Monday after the US and Iran suspended military attacks, easing fears of an immediate disruption to Middle East crude supplies.

The price drop followed signals from Washington and Tehran that both sides were pausing hostilities to create room for diplomacy, prompting traders to lock in profits after crude prices surged nearly 20% over the past fortnight.

Brent crude was trading at $92.04 per barrel, down 5.15%, while US benchmark West Texas Intermediate (WTI) fell 5.39% to $84.76 per barrel, according to data available at the time of writing.

The US announced on Friday that it would temporarily suspend its bombing campaign against Iran, giving diplomacy 'some space', as described by Mike Waltz, US Ambassador to the United Nations.