Oil Prices Plummet 7% on US-Iran Tensions Ease

Crude oil prices plummeted by nearly 7% on Monday as tensions between the US and Iran eased after both countries announced a halt to military strikes.

The international benchmark Brent crude dropped as much as 7.9% to $89.11 per barrel, while US West Texas Intermediate (WTI) crude declined 6.9% to $83.14 per barrel.

Investor sentiment in Indian equity markets also improved with the easing of geopolitical tensions and sharp decline in crude oil prices.

The benchmark indices ended higher on Monday, snapping a five-session losing streak, with the Sensex gaining 776.01 points to close at 76,835.78 and the Nifty 50 rising 228.50 points to finish at 23,995.95.