Oil Prices Plummet 7% as Global Markets React to Ceasefire Hopes

The global markets are showing signs of relief after the U.S. and Iran refrained from further conflict, leading to a sharp drop in oil prices and a surge in shares around the world.

Oil prices plummeted nearly 7% on Monday as Brent crude fell to $85.49 per barrel, while the U.S. benchmark crude dropped 7% to $83.06 per barrel.

The markets reacted positively to the news of a potential ceasefire deal, with world shares mostly higher and futures for the S&P 500 and Dow Jones Industrial Average up 1%.