Oil Prices Plummet as Iran and US Pause Strikes in Middle East
Global oil prices plummeted on Monday after Iran reportedly agreed to suspend its attacks in response to the US pausing its military strikes. The Brent crude oil benchmark fell 7.6% to around $89.43 per barrel, while West Texas Intermediate (WTI) crude dropped 6.7% to $83.37 per barrel.
The development comes after a series of airstrikes by the US in the Middle East, with President Donald Trump's administration pausing its operations on Friday. According to Reuters, an unnamed Iranian official stated that Iran would halt its counterattacks if the US refrained from launching airstrikes.
The pause in strikes was seen as a move to 'give diplomacy some space', according to US ambassador to the UN, Mike Waltz. The decision follows a recommendation by US military commander in the Middle East, Brad Cooper, who warned that the campaign around the Strait of Hormuz had reached its limit.