Oil Prices Plummet as US and Iran Pause Strikes

Oil prices plummeted by nearly 5% on Monday after the US and Iran paused their strikes over the weekend, raising hopes of a diplomatic solution to the conflict.

The pause in attacks allowed for more time for diplomacy, as stated by US President Donald Trump's decision to halt US attacks, according to Mike Waltz, US Ambassador to the United Nations.

Brent crude futures fell $4.89, or 5.05%, to $91.89 per barrel, while US West Texas Intermediate crude dropped to $84.64 a barrel, down $4.67, or 5.23%.

The conflict had caused shipping disruptions in the Strait of Hormuz, with fewer than 10 commodity vessels passing through daily during the weekend, according to Kpler's shipping data.