Oil Prices Plummet Amid Easing Tensions with Iran

Oil prices plummeted to their largest drop in over three months due to easing supply concerns in the Middle East and Black Sea. Brent crude fell 8.7% to settle around $88 per barrel, marking its biggest single-day decline since April 17.

The US appears to have paused new airstrikes against Iran since late Friday, with Tehran signaling it would hold off on retaliation for now. The Caspian Pipeline Consortium terminal on Russia's Black Sea coast has also resumed crude oil loading operations, easing supply tightness caused by a confluence of factors.

Copper prices rose as the conflict between the U.S. and Iran temporarily eased, alleviating market concerns about further disruptions to the global economy. Gold prices surged 1.6% to breach $4,100 per ounce before paring some gains during early U.S. trading hours.