Oil Prices Plummet as US-Iran Conflict Pauses

Oil prices plummeted by over 4% on Monday, hitting $92.4 per barrel for Brent crude and $85 per barrel for US West Texas Intermediate crude.

The decline came after the United States and Iran paused military strikes over the weekend, raising hopes of a diplomatic resolution to the conflict.

Analysts said the market's reaction was driven by investors' desire for positive developments that could ease supply concerns, as the absence of further military action reduced the risk premium that had pushed oil prices higher in recent weeks.