Oil Prices Plummet Amid US-Iran Ceasefire

Oil prices plummeted on Monday to their lowest levels in over a week as the US suspended its campaign of air strikes against Iran, raising hopes for a diplomatic solution that would allow shipping to resume in the Strait of Hormuz.

Brent crude futures fell $8.42, or 8.7%, to settle at $88.36 a barrel, the lowest since July 17, while US West Texas Intermediate crude futures fell $6.70, or 7.5%, to close at $82.61, the lowest since July 16.

The US ambassador to the United Nations, Mike Waltz, told