Oil Prices Plummet Amid Tensions Easing Between US and Iran
Oil prices plummeted on Monday, with Brent crude futures falling more than 7% to below $90 per barrel and US West Texas Intermediate crude futures sliding 6.5%. The decline comes after a fragile pause in fighting between the US and Iran appeared to hold.
US Ambassador to the United Nations Mike Waltz said President Donald Trump paused attacks on Iran to give 'talks some space', but Tehran denied reports of a 10-day truce, stating it has 'no negotiations with the United States'. A Ukrainian strike on an Iranian vessel over the weekend raised fears that the US-Iran and Russia-Ukraine wars could be on a collision course.
The price drop sent stock futures rallying before the bell, as investors prepare for a big week ahead, with Meta, Microsoft, Apple, and Amazon set to report quarterly results this week, and the Federal Reserve announcing its latest interest rate decision on Wednesday.