Oil Prices Plummet as US-Iran Strikes Pause

Global markets breathed a collective sigh of relief on Monday as the US and Iran paused strikes over the weekend, sparking a sharp decline in oil prices. The price of Brent crude plummeted 6.8% to $85.49 per barrel, while US benchmark crude dropped 7% to $83.06.

Stephen Innes of SPI Asset Management noted that the pause in attacks 'loosened the geopolitical knot that had been tightening around equities, currencies, bonds and central banks for most of July.' Despite the relief, analysts warn that sustained supply disruptions in the Middle East could keep oil prices elevated and pose upside risks to global inflation.

In other news, shares in Chinese memory chipmaker CXMT soared 466% on Monday as they began trading on Shanghai's technology board. The company jumped to become China's most valuable listed company with an estimated market capitalization of 3.3 trillion yuan (nearly $490 billion).