Oil Prices Plummet as Iran Suspends Attacks Amid Ceasefire

Oil prices plummeted by as much as 6.8% on Monday due to a reported pause in hostilities between Iran and the United States, following a suspension of attacks by Tehran. The decline in Brent crude oil prices reached $85.61 per barrel, while WTI Crude futures dropped to $83.24 per barrel.

The price movement reflects market relief following the de-escalation, which has eased immediate concerns about supply disruptions in the Middle East. However, diplomatic tensions remain high, with Iranian officials confirming that they would suspend attacks as long as the United States reciprocates.

Despite the ceasefire, Iran's Foreign Ministry spokesperson Esmail Baghaei stated that Tehran will not allow the U.S. to dictate the course of the conflict. He emphasized that critical oil transit routes through the Strait of Hormuz remain closed, limiting the scope of immediate diplomatic breakthroughs.