Commodities
Oil Prices Plummet After US-Iran Pause Military Strikes
Global crude oil prices took a sharp hit on Monday after the US and Iran paused military strikes over the weekend. The international benchmark Brent crude fell more than 7% or about $7 to hover around the $91-a-barrel mark.
The US West Texas Intermediate (WTI) crude also declined over 7%, shedding around $6.4 to trade below $85 a barrel.
Market experts point out that despite Monday's correction, crude oil prices are still nearly 40% higher this month due to supply disruptions spread from the Strait of Hormuz to the Red Sea.