Oil Prices Plummet as US Halts Strikes on Iran Amid Rising Tensions

Oil prices plummeted on Monday after the US halted retaliatory strikes on Iran, wiping out weeks of gains. Brent futures fell by 11.3% and closed at $85.87 per barrel, while U.S. light crude dropped around 7% to trade at $82.61 per barrel.

The sudden pause in hostilities came after President Donald Trump announced that the US had paused strikes on Iran's request, but warned of resumed actions if no new ceasefire agreement is reached.

Iran's Foreign Ministry denied any ongoing negotiations with Washington, while Tehran stressed its stance that there are currently no talks with the US.

Despite a brief respite in fighting, regional tensions remain high, and analysts warn that further volatility in oil markets is likely as developments in the Middle East continue to unfold.