Oil Prices Plummet as Geopolitical Tensions Ease

WTI crude oil prices fell on Monday to around $84 per barrel due to a decline in geopolitical tensions after the US and Iran decided to halt their military engagement.

This shift in market sentiment led investors who had bet on a worst-case scenario last week to take profits, resulting in a decrease in prices.

OPEC+, which has prioritized market stability over rapid increases in production levels, is expected to maintain its disciplined production policy, potentially supporting oil prices in the long term.

The upcoming Federal Reserve meeting will play a crucial role in determining future price movements, with potential impacts from US dollar strength and macroeconomic indicators.