Oil Prices Plummet as US and Iran Pause Strikes

Oil prices plummeted by over 5% on Monday after the US and Iran paused their strikes over the weekend. This development has raised hopes of a diplomatic solution that could de-escalate the conflict and allow shipping to resume in the Strait of Hormuz.

Brent crude futures fell $4.89, or 5.05%, to $91.89 by 0009 GMT after briefly dipping under the key support level of $90 earlier in the session. Meanwhile, US West Texas Intermediate crude was at $84.64 a barrel, down $4.67, or 5.23%.

Both contracts are trading at their lowest levels in nearly a week, having risen for the past three weeks.