Oil Prices Plummet Amid Trump's Iran Decision

The global economy received some welcome news on Monday as oil prices eased, calming concerns about inflation and leading to a rally in Wall Street.

The price of Brent crude dropped by 5% to $83.49 after President Donald Trump announced that he would hold off on new strikes against Iran at the urging of allies in the region.

This move helped ease worries about the global flow of crude and led to a decline in Treasury yields, with the yield on the 10-year Treasury falling to 4.69% from 4.75% late Friday.

The easing oil prices also had a positive impact on companies with big fuel bills, such as airlines, with United Airlines rising 5.2%, American Airlines climbing 4.2%, and Norwegian Cruise Line Holdings steaming 3.9% higher.