Oil Prices Plummet as US-Iran Military Strikes Pause

The global crude oil market took a sharp hit on Monday after the United States and Iran announced a pause in their military strikes. The international benchmark Brent crude fell by 7.9% to $89.11 per barrel, while West Texas Intermediate crude dropped 6.9% to $83.14 per barrel.

The decline came as a result of Iran's declaration that it would not launch further attacks in exchange for the US ceasing military activities. This move raised hopes that the situation may be resolved diplomatically.

In India, the benchmark indices ended sharply higher on Monday, snapping a five-session losing streak. The Sensex gained 776.01 points or 1.02% to settle at 76,835.78, while the Nifty 50 advanced 228.50 points or 0.96% to close at 23,995.95.