Oil Prices Plummet as US and Iran Halt Strikes

Oil prices plummeted on Monday as hopes for a diplomatic resolution to the Middle East conflict grew. The U.S. and Iran halted mutual strikes, sparking optimism in the market.

The price of September Brent futures fell by $4.69 (4.85%) to $92.09 per barrel, down from $96.78 on Friday. This represents a sharp drop from the previous session's close.

September WTI crude futures also declined, decreasing by $4.56 (5.11%) to $84.75 per barrel. The price had already fallen by $2.88 (3.12%) at the end of the previous trading session.