Oil Prices Plummet 7.9% Amid US-Iran Ceasefire

The global crude oil price fell sharply on Monday after the US and Iran announced a pause in their military strikes over the weekend. The international benchmark Brent crude dropped by 7.9% to USD 89 and 11 cents per barrel, while West Texas Intermediate crude declined by 6.9% to USD 83 and 14 cents per barrel.

The decline followed Iran's declaration that it would not launch any further attacks in exchange for the US ceasing military activities, raising hopes of a diplomatic resolution to the situation.

Back on the Indian market front, the benchmark indices ended sharply higher on Monday, snapping a five-session losing streak. The Sensex gained 776.01 points or 1.02% to settle at 76,835.78, while the Nifty 50 advanced 228.50 points or 0.96% to close at 23,995.95.

Broad-based buying across sectors amid easing geopolitical tensions and a sharp decline in crude oil prices helped boost investor sentiments, with the market opening on a strong note.