Oil Prices Plummet as Trump Suspends Iran Strikes

Oil prices plummeted more than 5% on Monday after US President Donald Trump suspended military strikes on Iran, sparking hopes for a diplomatic breakthrough and reduced concerns over global energy supplies.

The decision to halt air campaign operations against Iran led to a decline in oil prices, with Brent crude futures dropping $5.58, or 5.77%, to $91.20 a barrel, while US West Texas Intermediate (WTI) crude fell $4.91, or 5.50%, to $84.40.

The sell-off followed nearly two weeks of military operations between the US and Iran, which had fueled fears that escalating hostilities could disrupt shipping through the Strait of Hormuz, a critical route for global crude exports.