Oil Prices Plummet as US Halts Strikes Around Hormuz Strait

The latest developments in the Middle East have led to a significant decrease in oil prices. The U.S. halted its bombing campaign around the Strait of Hormuz last Friday after it had hit its limit of effectiveness, according to CENTCOM Commander Brad Cooper.

This decision was made after nearly two weeks of relentless strikes that had significantly degraded Iran's position around the key waterway, which is seeking to control following the war between the countries. Oil prices, which had been soaring over the past two weeks as hostilities escalated, have plummeted as a result.

Brent crude dropped 6.28% on Monday and clocked in at $85.92 per barrel after topping $100 late last week. West Texas Intermediate fell further and stood at $83.32 per barrel at the same time.