Oil Prices Plummet as US-Iran Conflict Eases

Global crude oil prices plummeted on Monday after the US and Iran put their military strikes on hold. The move sent shockwaves through the market, with Brent crude falling over 7% to around $91 a barrel.

The decline was even steeper for WTI crude, which dropped more than 7% to trade below $85 a barrel. This correction comes after a sharp rally in oil prices over the past three weeks, during which Brent briefly crossed the $100-a-barrel mark amid fears of supply disruptions through key energy shipping routes.

Despite Monday's sharp decline, experts warned that crude oil prices are still nearly 40% higher this month due to ongoing supply chain risks. The Indian rupee also appreciated against the US dollar, opening at 96.15 compared to its previous close of 96.56.